At its public meeting on February 19, 2021, the Appraisal Standards Board of The Appraisal Foundation voted to extend the expiration date of the 2020-2021 USPAP publication by one year. Instead of expiring on December 31, 2021, the current USPAP will remain in effect until December 31, 2022. The Foundation is exploring several options for future editions of USPAP, including going to a longer USPAP cycle, or issuing a new USPAP publication that has no expiration date and making revisions to the document on an “as-needed” basis.
The extension of the effective date of the current edition of USPAP will not affect the USPAP update course cycle. The Foundation plans to create a new 2022-2023 7-hour USPAP Update Course within the next several months, and it will be available sometime in late 2021. According to what was stated in the public meeting, the new course will be focused primarily on the application of the current USPAP in appraisal practice and will also contain a section about avoiding appraisal bias and discrimination.
The ASB plans to issue an exposure draft on proposed changes to Advisory Opinion 16, Fair Housing Laws and Appraisal Report Content within the next several weeks.
For additional information, including a Q&A document regarding the extension of the effective date for the current USPAP, visit The Appraisal Foundation’s website at www.appraisalfoundation.org.
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