The Uniform Standards of Professional Appraisal Practice (USPAP) are published by the Appraisal Standards Board every two years. USPAP is a set of standards that apply to all types of appraisers, whether they appraise real estate, personal property, business valuation, or machinery and equipment (which includes yacht and commercial marine vessels).
USPAP is separated into 10 sections with sections 1,2,4 & 5 pertaining to real estate, 3 to appraisal review, 6 to mass appraisal, 7 & 8 to personal property (which includes machinery & equipment, gems and jewelry, and fine art) and 9 & 10 to business valuation.
In short USPAP requires that the appraiser include certain actions to develop the appraisal, and that the report include a minimum amount of content. Examples of the minimum actions to develop the appraisal are identifying the problem being addressed (i.e. the item being appraised), and identifying the type and definition of value. Examples of minimum content are disclosing all assumptions, extraordinary assumptions (those that if proven false would affect the value), and including the effective date of the appraisal.
All appraisal reports conforming to USPAP must include a signed certification page stating the following:
I certify that, to the best of my knowledge and belief:
The statements of fact contained in this report are true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.
I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.
I have performed no services (or the following), as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.
My engagement in this assignment was not contingent upon developing or reporting predetermined results.
My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.
I have (or have not) made a personal inspection of the property that is the subject of this report.
No one provided significant personal property appraisal assistance to the person signing this certification.
Users of typical Condition & Valuation Surveys and/or Appraisal Reports would be well served to make sure that the surveyor/appraiser that they are using is current in the latest version of USPAP. Courses are held annually for the full 15-hour USPAP, or the 7-hour refresher course.
Any marine surveyor or appraiser can be current on USPAP and include the minimum required content in their appraisals. However, neither of the main marine surveyor associations (NAMS or SAMS) have any USPAP requirements for their membership. ASA accredited appraisers are required to either complete the full course every 5 years or the 7-hour course every two years.