What does USPAP stand for?

The term USPAP stands for Uniform Standards of Professional Appraisal Practice. This set of standards provides a framework for the ethical and procedural aspects of appraisal practice in the real estate field. It ensures that appraisals are performed competently and with integrity, promoting consistency and reliability within the profession.

Understanding USPAP is crucial for appraisers as it governs how appraisals should be conducted, thereby enhancing the credibility of appraisal reports. The uniformity indicated in the name highlights the goal of establishing consistent practices among appraisers nationwide, ensuring quality and professionalism in valuation services.