Video Preview of Changes to the 2012-2013 USPAP

The Appraisal Foundation recently announced the release of a free video on its web site entitled, A Preview of Changes to the 2012-13 Uniform Standards of Professional Appraisal Practice (USPAP).

USPAP changes discussed in the video include:

• Revisions to DEFINITIONS of “Client,” “Extraordinary Assumptions,” and “Hypothetical Condition,” as well as a new definition of “Exposure Time”;
• Creation of a new RECORD KEEPING RULE and related edits to the Conduct Section of the ETHICS RULE;
• Revisions to Advisory Opinion 21, USPAP Compliance; and,
• Revisions to STANDARDS 7 & 8: PERSONAL PROPERTY APPRAISAL, DEVELOPMENT & REPORTING.