What is USPAP, and why does it matter?
In short: USPAP is the Uniform Standards of Professional Appraisal Practice: the rules for how an appraisal is scoped, researched, reported and kept on file. It is a standard, not a licence, and my written appraisals follow it so they can be relied on.
USPAP is published by The Appraisal Foundation, a nonprofit authorised by the US Congress as the source of appraisal standards. Real estate appraisers are required by law to follow it. Personal property appraisers (the field trading cards fall into) are not required to, but serious ones do, because it is the common language insurers, attorneys and courts understand.
What it requires in practice
- A defined scope of work before the appraisal starts, fitted to the intended use.
- Independence and disclosure. No hidden interest in the property, no fee contingent on the result, and any conflict disclosed.
- Credible research. The method and the data behind the value have to be adequate for the purpose.
- A report that says what it assumed and what it did not do, including limitations like a remote inspection.
- A workfile kept for the required period, so the appraisal can be examined later. I keep mine for seven years; see how long records are kept.
What it is not
USPAP is not a licence, a membership or a credential, and following it does not license anyone. It is a set of rules about how the work is done. My current standing is on my appraisal credentials.
You can read about the standard at The Appraisal Foundation.