If reviewing an appraisal from 2004 with an effective date in 2002, which edition of USPAP is used for compliance evaluation?

When evaluating an appraisal for compliance with USPAP (Uniform Standards of Professional Appraisal Practice), it's essential to refer to the standards that were in effect at the time of the appraisal's effective date. In this case, since the appraisal has an effective date of 2002, it is the USPAP standards that were in effect in 2002 that must be used for compliance evaluation.

The rationale for this approach lies in the consistency and integrity of the appraisal process. Appraisals are assessed based on the standards applicable at the time the appraisal was conducted; using a later edition would not necessarily reflect the expectations and requirements that governed the appraiser's work at the time of the appraisal. Therefore, the correct response is to utilize the USPAP in effect in 2002 to ensure that all relevant practices, guidelines, and ethical considerations that applied then are properly acknowledged in the evaluation of the appraisal's compliance. This method maintains fairness in the assessment process and aligns with professional practices.