On February 19th the Appraisal Foundation issued a news release extended the expiration date of the current version of USPAP for one year through December 31, 2022. They also included FAQ’s on how this will impact you as an appraiser.
So what does this mean for Illinois appraisers? As many of you already know, our law requires all licensed appraisers to comply with the following CE requirement regarding the 7 hour National USPAP Update course:
A real estate appraiser must complete the 7-hour National USPAP Update Course or its equivalent by June 30 of an even-numbered year, following the release of USPAP.
This would appear to create a problem since the next version of USPAP won’t be released and made effective until January 1, 2023 – an odd numbered year. However, the Foundation is still requiring appraisers to take the 7 hour National USPAP Update course every two years (see FAQ’s below). So, I guess this means that we will all be taking the 2020-2021 National USPAP CE course again in 2022. Just another rerun. Something we have all become accustomed to during this pandemic.
Another FAQ states that the Foundation will be writing a NEW 7 hour USPAP Update course for the 2020-2021 USPAP that we will all need to complete in 2022.
I have reached out to the State for direction and would assume that Brian Weaver is already working on the States response to this announcement. Stay tuned…
The Appraisal Foundation news release issued February 19, 2021:
Media Contact: Amy Timmerman (202) 624-3048 email@example.com
BREAKING: 2020-21 USPAP Extended for One Year (Washington, DC)
February 19, 2021 –
The Appraisal Foundation’s Appraisal Standards Board (ASB) announced today that the current edition of the Uniform Standards of Professional Appraisal Practice (USPAP) will be extended by one year. The 2020-2021 USPAP will now be effective until December 31, 2022.
“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. “With that in mind, we have decided to extend the effective date of the current USPAP by one year. This will provide continuity to the profession during this pandemic while also giving the ASB the appropriate time to carefully examine the challenges facing our profession before offering additional guidance.”
To learn more about this announcement, please visit The Appraisal Foundation website, www.appraisalfoudnationorg.
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 took the 7-hour continuing education course for the 2020-21 USPAP, and that is still in effect, do I wait until 2023 to take the new 7-hour course? No, you will still need to take the 7-hour continuing education course every two years. This extension does not impact appraiser continuing education requirements. The 7-hour continuing education course is required to be taken once every two years as a way to offer appraisers a refresher on important cornerstones of the profession and offer practical applications for their appraisal practice. A new course will come out later this year.
Will I need to buy another copy of USPAP for the 7-hour continuing education course if I already bought a copy of the 2020-21 USPAP? No, you can continue using the version of USPAP for this cycle.