Extension of 2020-21 USPAP
On February 19, 2021, The Appraisal Foundation’s Appraisal Standards Board (ASB) announced that the current edition of the Uniform Standards of Professional Appraisal Practice (USPAP) would be extended by one year. The 2020-2021 USPAP will now be effective until December 31, 2022.
Following the announcement, ASB Chair Wayne Miller made the following statement:
"USPAP has been a living document since its adoption in 1987. Initially, changes were being adopted so frequently, they were simply being added as inserts into a large binder. As time has progressed the updating cycle lengthened to one year and now two years. Like every profession, COVID-19 has had an unprecedented impact on the appraisal profession and how we conduct day to day business. Pressing issues have arisen in our profession over the past year ranging widely from concerns about fair housing matters to how to conduct a socially distanced property inspection. USPAP is a maturing document, and it can take longer to study the complex issues facing our profession and how they will impact our standards. We believe all of these are all critical issues and deserve thoughtful consideration before we issue guidance. With that in mind, we have decided to extend the effective date of the current USPAP by one year. This will provide continuity to the profession during this pandemic while also giving the ASB the appropriate time to carefully examine the challenges facing our profession before offering additional guidance.”
Frequently Asked Questions
How long is the current version of USPAP effective?
With this announcement, the 2020-21 USPAP will now have an effective date through December 31, 2022.
Does this mean USPAP will be on a three-year cycle going forward?
No, we have made no decision on how long future USPAP publications will remain in effect. We may return to two-year cycles, or choose another timeline, depending upon the need to make changes.
I am a real property appraiser. Since the effective date of USPAP has been extended, how does this impact the AQB’s continuing education requirements to take a 7-hour USPAP course?
The Real Property Appraiser Qualification Criteria has required, since 2003, each appraiser to “successfully complete the 7-Hour National USPAP Update Course, or its AQB-approved equivalent, every two calendar years.” The requirement to take the 7-hour course is not tied to the effective date or length of the effective dates of the current edition of USPAP. Extending the effective date of USPAP is an ASB decision, and it has no bearing on the AQB requirement for the 7-hour course.
I took a 7-hour USPAP course last year, thus, I am due to take the course again next year. Will the 2022 course be the same one that was offered in 2020-2021?
No. A new 2022-2023 7-Hour National USPAP Update Course (and its AQB-approved equivalents) is currently being written and will be released on October 1, 2021 (and will be available to students shortly thereafter). The 2022-2023 course does not contain the same course materials as the 2020-2021 course.
Will I need to buy another copy of USPAP for the 7-hour continuing education course if I already bought a copy of the 2020-21 USPAP?
No, you can continue using the version of USPAP for this cycle.
Additional Questions and Answers related to the February 19, 2021 announcement of the ASB to extend the effective date of the 2020-21 USPAP to December 31, 2022.