Aug 21, 2017 - 11:42 AM
Question: The new edition of USPAP became effective January 1, 2016. I prepared an appraisal with an effective date in December 2015; however, my date of report was in January 2016. Which edition of USPAP applies – the 2014-15 edition or the 2016-17 edition?
Response: Appraisers must comply with the USPAP edition that is in effect as of the date of the report. The 2016-17 edition applies because the date of the report was on or after January 1, 2016. The effective date of the appraisal has no bearing on which edition of USPAP applies. (Bold added for emphasis).