If you are reviewing an appraisal dated January 1, 2004, with a report date of December 20, 2006, which edition of USPAP will you use for compliance measurement?

In appraisal practice, compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) is determined by the guidelines and standards in effect at the time of the appraisal report. Since the appraisal you are reviewing is dated January 1, 2004, but has a report date of December 20, 2006, you must refer to the edition of USPAP that was in effect at the time of the report date, which is December 20, 2006.

The 2006 edition of USPAP would provide the necessary standards and requirements for evaluating the appraisal report as it aligns with the report date. This means any compliance measurement or evaluation of the appraisal processes should be based on the guidelines set out in the 2006 version of USPAP, as that is the relevant timeframe for the report.

Using the 2004 edition would not be appropriate, as it would not account for any changes or updates implemented by the 2006 version. Similarly, the 2010 edition is not applicable because the report is prior to its effective date. The notion that "it does not matter" is also incorrect, as using the appropriate edition is crucial for maintaining compliance and ensuring the appraisal meets the required standards of practice during the specified timeframe.