Appraisal Standards Board Responds to Public Feedback

Will continue work to clarify Ethics Rule

WASHINGTON, Feb. 16, 2023 /PRNewswire/ -- The Appraisal Standards Board today announced they plan to release a Fifth Exposure Draft of proposed changes to the Uniform Standards of Professional Appraisal Practice (USPAP) following feedback from appraisers, regulators and the public.

"The public comments we receive on every exposure draft are invaluable in helping us draft standards," said Appraisal Standards Board Chair Michelle Czekalski Bradley. "Based on feedback we received from appraisers, federal regulators and consumer groups, the ASB has decided a Fifth Exposure Draft is needed to ensure that revisions to the Ethics Rule are clear and enforceable. In addition, we will release the accompanying guidance to the Ethics Rule in conjunction with the Fifth Exposure Draft in response to requests in multiple letters. Our hope is that this will help stakeholders better evaluate the proposed revisions to the Ethics Rule.

"This Fifth Exposure Draft underscores the importance of input from the public on every draft our board produces. We look forward to hearing from all our stakeholders in the coming months as we continue our work to adopt a new edition of USPAP that will do its part to help rebuild public trust in the appraisal profession."

All exposure drafts are developed by the Appraisal Standards Board and released for public comment. Successive exposure drafts are updated and released based on public comments on previous drafts.

The Appraisal Standards Board will announce when the next exposure draft is available, including a public comment deadline and webinar to outline the proposed changes.

Background: The Appraisal Foundation is the nation's foremost authority on the valuation profession. The organization sets the congressionally-authorized standards and qualifications for real estate appraisers and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals. This work advances the profession by ensuring appraisals are independent, consistent, and objective. More information on The Appraisal Foundation is available at www.appraisalfoundation.org.

Media Contact:
Amy Kaufman
Director of Communications
The Appraisal Foundation
amy@appraisalfoundation.org
direct phone 202.624.3048

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SOURCE The Appraisal Foundation