The Financial Institutions Reform, Recovery and Enforcement Act of 1989 recognizes USPAP as the generally accepted appraisal standards and requires USPAP compliance for appraisers in federally related transactions. State Appraiser Certification and Licensing Boards, federal, state, and local agencies, appraisal services, and appraisal trade associations require compliance with USPAP.
Standards: Provide performance standards for real property, mass, personal property appraisal, consulting and business valuation.
Statements: Clarify, interpret, explain, and elaborate on appraisal standards.
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 293 questions and responses regarding USPAP to be used as a reference for appraisers and users of appraisal services.