What happens when the ASB retires a word or term from the DEFINITIONS in USPAP?

When the Appraisal Standards Board (ASB) retires a word or term from the DEFINITIONS section in the Uniform Standards of Professional Appraisal Practice (USPAP), the standard dictionary definition of that term is then applied. This means that the term is no longer defined within the specific context of USPAP, and appraisers are expected to rely on commonly understood meanings from standard dictionaries.

This approach helps maintain clarity and continuity in the appraisal profession, as it allows practitioners to utilize universally accepted meanings rather than an outdated or specific USPAP definition. By defaulting to the standard dictionary definition, the ASB ensures that users of USPAP can still interpret terms in a widely understood manner, which is crucial for consistent practice across the industry.