**USPAP extension announcement**
We have been notified by the Appraisal Standards Board (ASB) that due to the Covid-19 Pandemic, the current edition of the USPAP (2020-2021) will now be effective until to December 31, 2022. In an announcement last week, the Appraisal Foundation reported:
“USPAP has been a living document since its adoption in 1987. Initially, changes were being adopted so frequently, they were simply being added as inserts into a large binder. As time has progressed the updating cycle lengthened to one year and now two years. Like every profession, COVID-19 has had an unprecedented impact on the appraisal profession and how we conduct day to day business. Pressing issues have arisen in our profession over the past year ranging widely from concerns about fair housing matters to how to conduct a socially distanced property inspection. USPAP is a maturing document, and it can take longer to study the complex issues facing our profession and how they will impact our standards. We believe all of these are all critical issues and deserve thoughtful consideration before we issue guidance,” said ASB Chair Wayne Miller.
In light of the announcement, there have been several questions raised:
Frequently Asked Questions: 2020-21 USPAP Extension
How long is the current version of USPAP effective? With this announcement, the 2020-21 USPAP will now have an effective date through December 31, 2022.
Does this mean USPAP will be on a three-year cycle going forward? No, we have made no decision on how long future USPAP publications will remain in effect. We may return to two-year cycles, or choose another timeline, depending upon the need to make changes.
If I have already taken the 2020-2021 USPAP Update Course, do I need to do it again this fall, as was scheduled? No, if you are current in your USPAP Education you will not be expected to complete the update training until the new edition of USPAP is made available.
Will I need to buy another copy of USPAP if I already bought a copy of the 2020-21 USPAP? No, you can continue using the version of USPAP for this cycle.
Please remember: CNAREA Bylaws; Section 4-4, requires all members to use the most current USPAP.
Your current 2020-2021 USPAP can be found in your DOWNLOADS. You will need to sign into the website; to the left is a menu, choose Downloads; click that, you will see the list of links that you can download from everything you order.
If you received your USPAP document with the CNA209 order (purchased between Nov 2019-Feb 2020), it is called this: CNA209 – 2020-21 eUSPAP – CNAREA Members
If you received your USPAP document with the CNA102 order, it’s called: CNA102 – 2020-21 eUSPAP – CNAREA Members
It is imperative that you know where to find this document and be using it. You can print it, from the pdf in the link in the downloads, if you prefer a hard copy.