USPAP & CUSPAP
Built to support USPAP- and CUSPAP-compliant reporting.
The honest answer: software is never "USPAP compliant" — only the appraiser is. FMV™ structures the workflow around USPAP Standards 7 & 8 and CUSPAP Standards 6 & 7 so the appraiser can produce a Standards-conforming report without rebuilding it from scratch.
- Is Fair Market Valuations™ USPAP compliant?
- FMV™ is built to support USPAP- and CUSPAP-compliant reporting. Under USPAP, only an appraiser — not software — can be 'compliant.' What FMV™ does is structure the workflow around USPAP Standards 7 & 8 (Personal Property) and CUSPAP Standards 6 & 7 so the appraiser can produce a report that meets those Standards without rebuilding it from scratch each time.
- Which Standards does the workflow follow?
- USPAP Standards 7 (development) and 8 (reporting) for personal property, and CUSPAP Standards 6 and 7 for machinery & equipment in Canada. The default 'Standards Basis' on every report is set to both USPAP and CUSPAP; appraisers can switch this per assignment.
- What disclosures are required before I can sign a report?
- Sign-off is hard-blocked until the following are filled or explicitly marked N/A: Scope of Work, Value Definitions, Approaches Used (and excluded with reason), Extraordinary Assumptions, Hypothetical Conditions, Jurisdictional Exception, Prior Services in the past 3 years, Inspection disclosure, and Significant Professional Assistance. The signed certification page automatically includes all 10 statements required by USPAP SR 8-3.
- How does FMV™ handle the workfile and retention?
- Every signed report bundles the worksheet, comp data, value reasoning, and a signed PDF into a workfile export. USPAP requires a minimum 5-year retention (and at least 2 years after any judicial proceeding the appraiser is aware of); CUSPAP requires 6 years. FMV™ retains the workfile for the longer of the two by default.
- What value definitions does FMV™ use?
- FMV™ ships with standardized definitions for Fair Market Value (FMV), Orderly Liquidation Value (OLV), and Forced Liquidation Value (FLV), sourced from ASA Machinery & Technical Specialties and IRS Rev. Rul. 59-60. Appraisers can override or add to these per assignment.
- Does FMV™ replace the appraiser's professional judgment?
- No. FMV™ accelerates data entry, comp research, and report assembly — but every value, adjustment, and certification is the appraiser's own. Comp matching produces ranked candidates with a confidence score; the appraiser selects, weights, and reasons.
- What happens to my signed reports?
- Once a report is signed and locked, the PDF is sealed with a verified digital certificate. The QR code on the report links to a verification endpoint that confirms the report was produced through FMV™ and has not been altered.
- Can I customize the certification language for my firm?
- The 10 USPAP SR 8-3 statements and the CUSPAP equivalents are fixed — they must appear verbatim. Firm-specific additions (letterhead, contact block, supplemental disclosures) are configurable.
- Does FMV™ support both U.S. and Canadian appraisers?
- Yes. Standards Basis can be set to USPAP, CUSPAP, or both. Currency, jurisdiction-specific disclosures, and the certification page adapt to the selection.
- What about the Bidding Tool — is that USPAP-regulated?
- No. The Bidding Tool produces an internal max-bid recommendation; it is not an appraisal and does not communicate a value opinion to a third party. USPAP applies when you cross into a signed appraisal report.
- Where can I read USPAP and CUSPAP in full?
- USPAP is published by The Appraisal Foundation (appraisalfoundation.org). CUSPAP is published by the Appraisal Institute of Canada (aicanada.ca). FMV™ does not distribute the Standards themselves.
Have a Standards question we didn't cover? Get in touch.