What should an appraiser assume when a term is not defined in USPAP?

When a term is not defined in the Uniform Standards of Professional Appraisal Practice (USPAP), it is generally understood that the standard English dictionary definition of that term applies. This means that appraisers can rely on commonly accepted meanings found in reputable dictionaries to interpret terms as they engage in their professional work. This practice ensures consistency and clarity, as many terms used in appraisal reports may have broader meanings in various contexts, and referring to a dictionary helps maintain a shared understanding among appraisers, clients, and stakeholders.

Assuming that a dictionary definition applies helps to bridge any gaps in understanding and communication. It allows appraisers to remain grounded in recognized language usage, which is essential for accurate and credible appraisal processes. This interpretation aligns well with the need for clear communication and professional standards in the field of appraisal, ensuring that all parties involved have a common framework for understanding the terminology used in reports and analyses.