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WASHINGTON – The Appraisal Standards Board (ASB), an independent board of The Appraisal Foundation with congressional authority to develop, interpret and amend the generally accepted standards of the appraisal profession, last month adopted changes to the Uniform Standards of Professional Appraisal Practice (USPAP). The changes are effective Jan. 1, 2003. Modifications that will be incorporated into the 2003 Edition of the USPAP include: * revisions to Standards Rules 1-5 and 7-5 on Property Sales History and an addition of Standards Rule 1-6 and 7-6 on Reconciliation; * revisions to Advisory Opinion 3 and Statement on Appraisal Stand No. 7 on Updating an Appraisal; * approval of a revised Advisory Opinion on Appraising Properties Impacted by Environmental Contamination; * Revisions to Standard 3, Appraisal Review, Development and Reporting; * The addition of labels to clarify the application of USPAP by discipline; and * a clarification of USPAP Compliance. Additional information on the modifications that were adopted is available on the foundation’s Web site at www.appraisalfoundation.org.

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