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Reference: rule and Appendix A
This rule defines appraisal requirements for Federal and federally-assisted real property acquisition.
URA requirements and USPAP standards.
This rule is consistent with USPAP.
49 CFR 24.103 defines the Federal appraisal requirements for Federal and federally-assisted real property acquisition. No other resource, including USPAP, is appropriate for Federal and federally-assisted acquisition appraisal requirements.
The rule update is the first since USPAP was issued. To avoid confusion with USPAP, the new rule has adopted requirements as the reference to Uniform Act appraisal criteria in order to avoid confusion with USPAP Standards Rules .
Despite the fact that Uniform Act requirements are separate from USPAP standard rules, the two are consistent. In 1990 FHWA wrote the Standards Board asking for a review of 49 CFR Part 24 appraisal and appraisal review requirements vis-à-vis USPAP. The Appraisal Standards Board replied on October 25, 1990 that they had reviewed 49 CFR 24.103 and 24.104 and determined they were consistent with provisions and standards rules in USPAP. Since that time there has been no change in 49 CFR 24.103 and 24.104 that would be inconsistent with USPAP.
So what does "consistency" mean and how significant is it? Let's take a look: