In USPAP, what are Standards composed of?

In USPAP (Uniform Standards of Professional Appraisal Practice), Standards are specifically composed of Standards Rules. These Standards Rules provide the detailed requirements for the various types of appraisals and are essential for appraisers to follow in order to ensure compliance with professional standards. Each set of Standards within USPAP is designed to address specific scenarios or types of appraisals that practitioners might encounter, detailing the procedures and workflows necessary to perform them in an ethical and professionally recognized manner.

The distinction between Standards Rules and the other elements of USPAP is crucial. Unlike guidelines or principles, which may provide broader suggestions or include ethical considerations, the Standards Rules are prescriptive and provide clear directives that appraisers must adhere to. Compliance with these rules is fundamental for maintaining integrity and professionalism in the appraisal process. The primary aim of Standards Rules is to ensure reliability and consistency across the profession, reinforcing public trust in the appraisal process and outcomes.