The Appraisal Standards Board adopted the 2014‑2015 edition of USPAP in February 2013. As of January 1, 2014 these reporting changes included:
The existing Self‑Contained Appraisal Report is no longer a reporting option
The two remaining reporting options are:
Appraisal Report (formerly Summary Appraisal Report)
Restricted Appraisal Report (formerly Restricted Use Appraisal Report)
The USPAP forms that reflect the new reporting options are located in the table of contents with the suffix of [USPAP 2014]. Click here for the most recent edition of USPAP.
The list of updated forms in TOTAL includes:
The USPAP ID forms:
Restricted Use Appraisal
Updates to the Summary Phrase list
The GP forms have undergone the following updates:
GP Residential, GP 2‑4 Unit, GP Condo, and GP Land
The forms themselves haven’t changed, but the default title has been updated.
GP Commercial
The checkboxes used to select the reporting type have been modified.
GP Restricted Use
The form now references USPAP Standards Rule 2‑2(b) instead of 2‑2(c).
Outdated Terminology:
Some forms, such as the 1004 URAR [UAD Version], still include the phrase Summary Appraisal Report. Since this form is copyrighted by Fannie Mae, we are unable to change this until Fannie Mae releases an update. However, terms that are no longer defined in USPAP, if present in a report, are not a violation of USPAP ‑ they just have to be explained somewhere in your report. Ultimately, appraisers (not the forms) must comply with USPAP by meeting the relevant reporting requirements. For further information, click here to reference the USPAP FAQ page.
To download the 2016 Summary of Actions from the Appraisal Foundation, click here. To learn more about the Appraisal Foundation, click here, and for additional questions about Appraisal Standards, click here.