SECTION .0500 – STANDARDS OF APPRAISAL PRACTICE

21 NCAC 57A .0501         APPRAISAL STANDARDS

(a)  Every registered trainee, and licensed and certified real estate appraiser, shall comply with the following provisions of the "Uniform Standards of Professional Appraisal Practice" (USPAP), promulgated by the Appraisal Standards Board of the Appraisal Foundation, all of which are incorporated by reference, including subsequent amendments and editions:

(1)           Definitions;

(2)           Preamble;

(3)           Ethics Rule;

(4)           Record Keeping Rule;

(5)           Competency Rule;

(6)           Scope of Work Rule;

(7)           Jurisdictional Exception Rule; and

(8)           Standards Rules 1, 2, 3, and 4.

(b)  A copy of the USPAP document may be obtained from the Appraisal Foundation at https://www.appraisalfoundation.org. The cost for a copy of the USPAP document shall be no more than the fee set by the Appraisal Foundation.

History Note:        Authority G.S. 93E-1-10;

Eff. July 1, 1994;

Amended Eff. July 1, 2016; January 1, 2013; January 1, 2008; July 1, 2005; August 1, 2002; April 1, 1999;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. October 3, 2017;

Amended Eff. August 1, 2024; July 1, 2022; August 1, 2018.