Last week, the Appraisal Institute unveiled its Standards of Valuation Practice (SVP). SVP will not replace USPAP (the Uniform Standards of Professional Appraisal Practice) — which have long-been the mainstay of appraisal standards for many appraisals — but will serve as an alternative when USPAP or other standards are not required.
According to AI President, Ken Wilson, MAI, SRA:
The SVP will establish a higher level of professional practice, engender public trust and facilitate the growth and advancement of the valuation profession…The SVP will recognize the broad area of practice of valuation professionals and the diverse needs of users of valuation services
While this is unlikely to make a change in the types of appraisals typically seen in an eminent domain action, which comply with USPAP, the new standards will fill a gap for areas where there are no other standards.
You can read the SVP here.