Although not mandatory for federally related transactions involvingpersonal property and business appraisals, USPAP has been adopted by majorappraisal organizations in North America and has become widely recognized as thegenerally accepted standards of appraisal practice.1 Although The AppraisalFoundation’s ASB writes, amends, and interprets USPAP, the Board does not enforceUSPAP. Through FIRREA, the federal government has mandated that the statesenforce USPAP compliance using real property appraisers. Standards are includedfor real estate, personal property, business, and mass appraisals. State appraiser certificationand licensing boards; federal, state, and local agencies; appraisal services;and appraisal trade associations require compliance with USPAP.
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