How should an appraiser respond if a word or term is missing from USPAP?

Using a standard dictionary definition for a missing term in the Uniform Standards of Professional Appraisal Practice (USPAP) is appropriate because it provides a reliable and widely accepted understanding of the word or phrase in question. USPAP aims for clarity and consistent terminology within the appraisal profession. When a term is absent or needs clarification, relying on a standard dictionary ensures that the appraiser maintains professionalism and adheres to accepted practices.

This approach fosters uniformity across appraisals, as the dictionary definition is likely to be recognized by other appraisers, clients, and stakeholders in the industry. Additionally, using a common definition helps mitigate misunderstandings that could arise from personal interpretation. The use of standard language ensures that the appraisal remains credible and defensible.

Other approaches, such as ignoring the term or allowing for personal interpretation, could lead to inconsistencies in appraisals, which is undesirable in a field that values objectivity and reliability. Redefining the term within reports might introduce ambiguity or confusion, especially if the new definition deviates from commonly accepted meanings. Adhering to standard definitions aligns with USPAP’s overarching principles of integrity, competence, and transparency in the appraisal process.