The Financial Institutions Reform, Recovery and Enforcement Act of 1989 recognizes USPAP as the generally accepted real property appraisal standards and requires USPAP compliance for appraisers in federally related transactions. USPAP contains standards for all types of appraisal services, including real estate, personal property, business and mass appraisal. Federal, state, and local agencies, appraisal services, and many professional appraisal organizations require compliance with USPAP.
USPAP addresses the ethical and performance obligations of appraisers through DEFINITIONS, Rules, Standards, Standards Rules and Statements (there are currently no active Statements on Appraisal Standards).
USPAP also includes the following guidance from the Appraisal Standards Board (ASB):
Advisory Opinions – Offer advice and resolutions for appraisal issues and problems. Frequently Asked Questions – A compilation of 319 responses to questions raised by appraisers, enforcement officials, users of appraisal services and the public.