What does USPAP require regarding significant appraisal assistance?

USPAP, or the Uniform Standards of Professional Appraisal Practice, establishes guidelines that appraisers must follow to ensure transparency and integrity in the appraisal process. One key requirement concerning significant appraisal assistance is that it must be disclosed in all cases.

This means that if an appraiser relies on the work or contributions of others that significantly affect the appraisal outcome, they are required to include this information in their report. The rationale behind this requirement is to maintain transparency and to provide a complete picture of the appraisal process to users of the appraisal. It ensures that the credibility of the appraisal is upheld and that all factors that may influence the valuation are accounted for, allowing stakeholders to understand the scope of work that has contributed to the final opinion of value.

By mandating disclosure for significant assistance, USPAP helps safeguard the profession's standards and promotes accountability among appraisers, fostering trust in their appraisals and the profession as a whole.