Uspap addendum 2025

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The document is a USPAP Compliance Addendum for an appraisal report concerning a property located at 310 East Main St., Sylva, NC. It outlines the type of appraisal report being provided (Self Contained, Summary, or Restricted Use) and includes certifications by the appraiser regarding the accuracy of the report, lack of bias, and independence from predetermined results. The addendum also notes marketing and exposure times for the property and includes signatures from the appraiser and supervisory appraiser.

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What is Fair appraisal Act addendum?

Any appraisal of the property is required to be unbiased, objective, and not influenced by improper or illegal considerations, including, but not limited to, any of the following: race, color, religion (including religious dress, grooming practices, or both), gender (including, but not limited to, pregnancy, childbirth

What are the 5 basic rules of USPAP?

The USPAP includes five rules that appraisers must follow. These rules are the Ethics Rule, the Record-keeping Rule, the Competency Rule, the Scope of Work Rule, and the Jurisdictional Exception Rule.

Is the USPAP addendum required?

USPAP Addendum is required to be filed by any appraiser who is licensed or certified by the Appraisal Standards Board, in any jurisdiction, and who is performing an appraisal assignment.

What is an addendum to an appraisal?

An appraisal addendum protects the buyer from acquiring an undervalued home. If a property appraisal does not value the home at the minimum sale price, an appraisal addendum allows the buyer to withdraw from the sale. The buyer then has the right to terminate the contract and receive their earnest money back.

What is an USPAP addendum?

At the core of real estate appraisal practices lies the Uniform Standards of Professional Appraisal Practice (USPAP) Compliance Addendum, a crucial document that ensures appraisals are conducted with integrity, impartiality, and professionalism.

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