Appraisal Institute Standards of Valuation Practice The Appraisal Institute has a long history as the leader of the valuation profession and as a developer of valuation standards. In 2013, in keeping with its historic role, as well as in recognition of the limitations of many valuation standards currently in existence, the Appraisal Institute Board of Directors directed the development of high quality, straightforward, principle-based standards that could be used where existing standards are not already required or do not apply. The Board believed that such standards should establish a high level of professional practice, engender public trust, enable valuers and the public to better understand the valuation standards and facilitate the growth and advancement of the valuation profession. The Board also concluded that such standards could help valuers better meet the evolving needs of clients and facilitate the variety of work that clients desire and that valuers now perform. The Appraisal Institute Board of Directors has adopted a final version of the Appraisal Institute Standards of Valuation Practice (SVP). The SVP will become effective on January 1, 2015.
- Standard A establishes requirements for the development of an appraisal.
- Standard B establishes requirements for the development of a review.
- Standard C establishes requirements for the reporting of an appraisal or review.