RealVals

Are RealVals Appraisals USPAP Compliant?

Yes. Every RealVals appraisal is prepared in compliance with USPAP, the Uniform Standards of Professional Appraisal Practice. Austin Fernald, a California Certified Residential Appraiser (license AR3002942), inspects each property and signs each report himself.

What is USPAP?

USPAP is the set of ethical and performance standards for appraisers in the United States, written by the Appraisal Standards Board of The Appraisal Foundation. California law requires licensed appraisers to follow it, and federal rules require it for appraisals used in most mortgage lending.

What USPAP compliance means for a report

  • The appraiser is independent, impartial and objective, and discloses any current or prospective interest in the property or the parties.
  • The fee can't depend on reaching a particular value.
  • The report states its intended use, intended users, type and definition of value, effective date and scope of work, and explains how the value was reached.
  • The client's information stays confidential.
  • The appraiser keeps a workfile supporting the report for at least five years after the report, or two years after a court case in which the appraiser testified, whichever ends later.
  • Under Appraiser Qualifications Board criteria, every state-licensed or certified appraiser completes the 7-hour National USPAP Update Course every two years.

Does a USPAP appraisal meet IRS requirements?

No single IRS rule names USPAP for every tax filing. For donated property, the regulations require a qualified appraisal prepared under generally accepted appraisal standards, which they tie to USPAP. For gift and estate tax, the IRS looks for a written appraisal by a qualified appraiser that describes the property, the valuation method and the appraiser's qualifications. RealVals reports for a date of death or gift tax filing are written to USPAP and include those details.

Is a USPAP appraisal accepted in court?

Attorneys and courts commonly rely on a USPAP-compliant report from a state-licensed appraiser, for example in a divorce. The court decides how much weight to give any appraisal, so compliance supports a report but doesn't guarantee a judge will adopt its value.