Appraisal Service of Real Estate (Part I, Chapter 475, F.S.)

In many states (like Florida, governed by Part I of Chapter 475, F.S.), real estate licensees (brokers and sales associates) are legally permitted to perform valuation services, but there are strict boundaries on what they can call these services and how they must be performed. The most important rule is that if a licensee performs a valuation service and refers to it as an "appraisal," they must strictly comply with the Uniform Standards of Professional Appraisal Practice (USPAP). Because complying with USPAP is a rigorous and complex process, real estate licensees almost rarely perform formal "appraisals." Instead, they perform other types of valuation services that are exempt from strict USPAP compliance, provided they do not represent them as appraisals.