Local appraisers were recently asked what factors are holding back higher appraised values. The predominant response was regulations - USPAP, FNMA, Freddie Mac, UAD and other Federal laws, i.e. FIRREA, Dodd-Frank, etc.
USPAP (Uniform Standards of Professional Appraisal Practice) can be considered the quality control standards applicable for real estate property appraisal analysis. USPAP requires that appraisers be familiar with and correctly utilize those methods which would be acceptable to other appraisers familiar with the assignment at hand and acceptable to the intended users of the appraisal. Any violation of USPAP is a violation of state law for which an appraisers' license can be revoked.