For an appraisal with a report date in 2009 and an effective date of 2008, which USPAP edition should be used for evaluation?

The appropriate edition of USPAP (Uniform Standards of Professional Appraisal Practice) to use in this situation is the 2008 version. The effective date of the appraisal, which is in 2008, dictates which USPAP edition should apply. Each version of USPAP includes specific guidelines and standards that are pertinent to the time period in which an appraisal is performed.

Using the 2008 USPAP is crucial because it reflects the standards and practices that were in effect at the time the appraisal is being considered. This includes how the appraisal should be conducted, what ethical considerations apply, and the methodology used for valuation. The report date being in 2009 does not change the fact that the appraisal's effective date is in 2008; hence the standards from 2008 would govern the appraisal process.

Using the current or 2009 USPAP would not be appropriate for an appraisal that is meant to reflect conditions and decisions relevant to an earlier time. Therefore, it is critical for the integrity and compliance of the appraisal work to adhere to the standards from the correct effective date.