Appraisers – today The Appraisal Foundation’s Appraisal Standards Board (ASB) announced that the current edition of USPAP will be extended one year, this means that the 2020-2021 USPAP will now be effective to December 31, 2022.

 

Statement from The Appraisal Foundation:

“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.” Read the full press release by following this link.

 

Impact on continuing education for appraisers:

If I took the 7-hour continuing education course for the 2020-21 USPAP, and that is still in effect, do I wait until 2023 to take the new 7-hour course? – No, you will still need to take the 7-hour continuing education course every two years. This extension does not impact appraiser continuing education requirements. The 7-hour continuing education course is required to be taken once every two years as a way to offer appraisers a refresher on important cornerstones of the profession and offer practical applications for their appraisal practice. A new course will come out later this year.” Read more frequently asked questions here.

 

Read more:

Press release from The Appraisal Foundation with announcement.

Newsletter from The Appraisal Foundation announcing change.