When conducting an appraisal, what standards must brokers comply with?

Brokers must comply with the Uniform Standards of Professional Appraisal Practice (USPAP) when conducting appraisals. USPAP provides a framework for the ethical and competent conduct of appraisal practice and is recognized as the industry standard for appraisers across the United States. These standards ensure that appraisals are performed consistently, transparently, and with integrity.

Following USPAP allows brokers to provide reliable property valuations that adhere to the best practices of the appraisal profession. This adherence is crucial for maintaining credibility within real estate transactions and for protecting the interests of clients, lenders, and the public. Understanding and complying with these standards also helps brokers avoid legal issues and ensures that their appraisals are defensible and accepted by regulatory and industry bodies.