2024-2025 15-Hour USPAP for Business Valuation

General Information

This course offers students convenient online access to self-paced modules and downloadable course materials, all accessible immediately following registration. 

The course consists of modules and accompanying module quiz assessments. Students are required to review and complete the modules and quizzes sequentially. Students have unlimited access to review the modules and quiz assessments.

Upon completion of all course modules and required components, students must schedule their final exam via our monthly exam sessions listed on our class schedule or contact education@appraisers.org for additional flexible exam options. See the Exam Procedure tab for more information. It is required for students to finish the course and final exam within 90 days of purchase to prevent access issues. Students have the option to request an additional 90-day extension for the course by contacting education@appraisers.org. However, please note that this extension incurs a non-refundable fee. 

Registration Includes

  • 24-7 online access to course modules and quizzes
  • 2024 eUSPAP*
  • 2024 USPAP Student Manual
  • Any additional student handouts i.e. administrative guidance, or reference materials if applicable

Upon registration, all course handouts provided are exclusively in PDF format and accessible for immediate download. These handouts are strictly for personal use and are not to be resold or distributed. By registering for the course, you consent to refrain from sharing the electronic documents with any third party. Refunds are not permitted once access to the materials has been granted following registration. 

*The Appraisal Foundation has secured the eUSPAP book and cannot be printed.

Note before registering: This course is geared towards Business Valuation (BV) appraisers only. PP/GJ/MTS appraisers must take the Personal Property USPAP course(s). This course does not meet the Appraisal Foundation’s USPAP continuing education requirements for Real Property appraisers. This course will not be accepted by state real property licensing boards or for CE credit for state licensing of real property appraisers. This course may be used to meet qualifying USPAP requirements for beginning Real Property students who are seeking state certification; however, it is the responsibility of the student to verify acceptance of this course with his/her state prior to registering. Refer to the USPAP FAQ's for additional information.

Final Exam

Successful completion of the (1) hour USPAP exam is required after reviewing all of the online modules. It is the student's responsibility to allow enough time to secure a virtual seat at one of ASA's Online Exam Sessions or other options provided by the education staff. The final exam is multiple choice and securely administered online and remotely proctored. A certificate of completion will be issued within 5-7 business days, upon successful fulfillment of the examination requirement.

Continuing Education (CE) Information

14 ASA Continuing Education (CE) Credit Hours + 1 Exam Hour

This course does not provide CPE (NASBA's Continuing Professional Education) credit

Course Information

USPAP stands for "The Uniform Standards of Professional Appraisal Practice" and is published by The Appraisal Foundation (TAF) headquartered in Washington, DC. In 1989, Congress enacted the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), which authorized TAF as "THE" source of appraisal standards and appraiser qualifications. "USPAP is the generally recognized ethical and performance standards for the appraisal profession in the United States" and was adopted by Congress in 1989.  USPAP contains standards for all types of appraisal services, including real estate, personal property, business and mass appraisal. USPAP is updated every two years providing appraisers with the information they need to deliver unbiased and thoughtful opinions of value.

What is the 15-Hour USPAP Course for Business Valuation? The 15-Hour USPAP Course for Business Valuation will familiarize users of USPAP Standards 9 and 10 with recent, significant revisions to USPAP that impact every practicing appraiser in the business valuation arena. In addition, the course confronts some of the regularly misunderstood concepts in USPAP and reviews their application through the use of other communications published by the Appraisal Standards Board. This course will meet current USPAP continuing education requirements established by the Appraisal Foundation for BV appraisers. 

This course consists of:

  • Narrated instructional modules;
  • Downloadable course handout materials (PDF); and
  • Module quizzes/practice tests.

Learning Outcomes

  • Prepare appraisals in full compliance with the current Uniform Standards of Professional Appraisal Practice; 
  • Utilize the new definitions in USPAP in appraisal preparation; 
  • Recognize how the changes in USPAP will affect appraisal reporting; and  
  • Identify many of the current problems faced by business valuation appraisers and how to use USPAP to solve and/or better handle them.

Learning Level

Fundamental

Course Audience

Individuals who must complete their USPAP requirement for the first time, or have not taken the update course within the required 5-years and must get back into compliance.

Important note: This course does not meet the Appraisal Foundation’s USPAP continuing education requirements for Real Property appraisers. This course will not be accepted by state real property licensing boards or for CE credit for state licensing of real property appraisers. This course may be used to meet qualifying USPAP requirements for beginning Real Property students who are seeking state certification, however, it is the responsibility of the student to verify acceptance of this course with his/her state prior to registering.

Carla G. Glass, CFA, FASA

Managing Director, Valuation & Litigation Support Services

Marcum LLP

Carla Glass is a managing director in the Firm’s Valuation, Forensic and Litigation Services practice in the New England region. She has more than 40 years of experience in the valuation of businesses, partnerships, debt, derivative securities, intellectual property, and other intangible assets in a wide range of industries. She has performed valuations of business interests for a variety of purposes including, but not limited to, gift and estate tax, financial reporting, employee stock ownership plans, corporate and partnership reorganizations, minority shareholder rights, bankruptcy proceedings, merger and acquisition analysis, and litigation.

Carla served as Chair of the Business Valuation Committee of the American Society of Appraisers (ASA) and Chair of the Appraisal Standards Board of The Appraisal Foundation, which is the board that promulgates the Uniform Standards of Professional Appraisal Practice (USPAP). She is a Fellow in the ASA College of Fellows (FASA), the ASA’s highest mark of achievement and recognition. She was also one of eight valuation professionals who served on the Valuation Resource Group of the Financial Accounting Standards Board (FASB).

Carla has created and taught principles of valuation courses for the ASA and is a frequent speaker on topics in business valuation to appraisal, legal, accounting, and other professional groups. During her time as Chair of the ASA’s Education Committee, she headed the development, teaching, and grading of courses, seminars, and examinations for the society.

She has been qualified as an expert witness in Federal District Courts and the District Court of the State of Wyoming, as well as in arbitration proceedings.

Key:

Complete
Failed
Available
Locked
Must Read - Course Information
Open to download resource.
Open to download resource. Before you get started, review the attached course document carefully and read the provided information in its entirety. Adherence to any specific instructions or requirements outlined in the provided information is essential to complete the course and obtain CE credit. *Visit the Handout tab to download the "Student Manual".
SECTION 1 (Part 1-3)
Course Introduction
Open to view video.
Open to view video.
15-HR USPAP Part 1: The Appraisal Foundation and an Introduction to USPAP
Open to view video.
Open to view video.
15-HR USPAP Part 2: Preamble and When USPAP Applies
Open to view video.
Open to view video.
15-HR Part 2 Quiz
10 Questions  |  Unlimited attempts  |  10/10 points to pass
10 Questions  |  Unlimited attempts  |  10/10 points to pass
15-HR Part 2 Quiz Review
Open to view video.
Open to view video.
15-HR USPAP Part 3: USPAP Definitions
Open to view video.
Open to view video.
15-HR Part 3 Quiz
10 Questions  |  Unlimited attempts  |  10/10 points to pass
10 Questions  |  Unlimited attempts  |  10/10 points to pass
15-HR Part 1-3 Section Practice Test
15 Questions  |  Unlimited attempts  |  15/15 points to pass  |  Graded as Pass/Fail
15 Questions  |  Unlimited attempts  |  15/15 points to pass  |  Graded as Pass/Fail
15-HR Part 3 Quiz and Part 1-3 Practice Test Review
Open to view video.
Open to view video.
SECTION 2 (Part 4-6)
15-HR USPAP Part 4: Ethics Rule, Record Keeping Rule, and Competency Rule
Open to view video.
Open to view video.
15-HR Part 4 Quiz
10 Questions  |  Unlimited attempts  |  10/10 points to pass
10 Questions  |  Unlimited attempts  |  10/10 points to pass
15-HR Part 4 Quiz Review
Open to view video.
Open to view video.
15-HR USPAP Part 5: Scope Of Work Rule
Open to view video.
Open to view video.
15-HR Part 5 Quiz
10 Questions  |  Unlimited attempts  |  10/10 points to pass
10 Questions  |  Unlimited attempts  |  10/10 points to pass
15-HR Part 5 Quiz Review
Open to view video.
Open to view video.
15-HR USPAP Part 6: Jurisdictional Exception Rule
Open to view video.
Open to view video.
15-HR Part 4-6 Section Practice Test
15 Questions  |  Unlimited attempts  |  15/15 points to pass  |  Graded as Pass/Fail
15 Questions  |  Unlimited attempts  |  15/15 points to pass  |  Graded as Pass/Fail
15-HR Part 4-6 Quiz and Practice Test Review
Open to view video.
Open to view video.
SECTION 3 (Part 7-10)
15-HR USPAP Part 7: Standard 1, Real Property Appraisal, Development
Open to view video.
Open to view video.
15-HR Part 7 Quiz
10 Questions  |  Unlimited attempts  |  10/10 points to pass
10 Questions  |  Unlimited attempts  |  10/10 points to pass
15-HR Part 7 Quiz Review
Open to view video.
Open to view video.
15-HR USPAP Part 8: Standard 2, Real Property Appraisal, Reporting
Open to view video.
Open to view video.
15-HR Part 8 Quiz
10 Questions  |  Unlimited attempts  |  10/10 points to pass
10 Questions  |  Unlimited attempts  |  10/10 points to pass
15-HR Part 8 Quiz Review
Open to view video.
Open to view video.
15-HR USPAP Parts 9 & 10: Standard 3, Appraisal Review, Development & Standard 4, Appraisal Review, Reporting
Open to view video.
Open to view video.
15-HR Parts 9 & 10 Quiz
10 Questions  |  Unlimited attempts  |  10/10 points to pass
10 Questions  |  Unlimited attempts  |  10/10 points to pass
15-HR Parts 9 & 10 Quiz Review
Open to view video.
Open to view video.
15-HR Part 7-10 Section Practice Test
16 Questions  |  Unlimited attempts  |  16/16 points to pass  |  Graded as Pass/Fail
16 Questions  |  Unlimited attempts  |  16/16 points to pass  |  Graded as Pass/Fail
15-HR Part 10 Practice Test Review
Open to view video.
Open to view video.
SECTION 4 (Part 11-12)
15-HR USPAP Part 11: Standards 5-10
Open to view video.
Open to view video.
15-HR Part 11 Quiz
5 Questions  |  Unlimited attempts  |  5/5 points to pass
5 Questions  |  Unlimited attempts  |  5/5 points to pass
15-HR Part 11 Quiz Review
Open to view video.
Open to view video.
15-HR USPAP Part 12: Advisory Opinions
Open to view video.
Open to view video.
15-HR Part 12 Section Practice Test
20 Questions  |  Unlimited attempts  |  20/20 points to pass
20 Questions  |  Unlimited attempts  |  20/20 points to pass
15-HR Part 12 Quiz and Section Practice Test Review
Open to view video.
Open to view video.
EXAM PREP
15-HR Exam Prep
Open to view video.
Open to view video.
NEXT STEPS
USPAP Book & Module Acknowledgement
After you submit this acknowledgement, allow 24-48 hrs. for ASA to process your certificate of completion.
Required Action - Complete AFTER exam only
1 Question  |  1 attempt  |  1/1 points to pass
1 Question  |  1 attempt  |  1/1 points to pass Upon completion of the final exam for ASA processing, please ensure to submit this step to receive your certificate of completion, contingent upon your exam results. Please allow 5-7 business days for processing. if you have any questions, please email us at education@appraisers.org
Course Certificate
15.00 credits  |  Certificate available
15.00 credits  |  Certificate available

Exam Policies 

Note these policies are specific for the Business Valuation USPAP exam only.
  1. If you're unable to attend an upcoming scheduled exam proctoring session, please email education@appraisers.org to make alternate exam arrangements. You must take the course exam within 90 days following registration and completion of the course.
  2. Scoring 72% on the exam is required to pass. 
  3. Results are given as pass/fail only. We cannot provide a copy of your graded exam or advise which questions you answered correctly or incorrectly.
  4. If you do not pass the USPAP exam, an ASA education staff member will contact you about your next steps within 5-7 business days via email notification.
  5. You will have two additional opportunities to take the exam (three exams overall). You must retake the exam within one calendar year of the original exam.
  6. If you do not pass after the third exam, you will need to retake the course.

Online Exam Sessions

ASA online examination sessions provide an opportunity for students who need to take any of the following *course exams online with ASA:

  • OnDemand course exams;
  • Audio course exams;
  • Challenge course exams and/or
  • Re-take exams
Upcoming Exam Sessions  
All exams begin at 11 am EST and each monthly exam session is monitored by a virtual proctor. To register for an online exam session, you must have already completed the course for which you will be taking the exam. 
How Does It Work?
  1. Complete the coursework.
  2. Once you have registered for the open examination session of your choice, email education@appraisers.org and let us know which exam you will be taking. This is very important so we will have your exam ready for you.
  3. Carefully review the Exam Session Procedures tab, above. 
  4. To join the scheduled exam session, either refer to your reminder email sent prior to the examination session, or via the Zoom link provided, which will allow us to proctor your exam.
  5. Your webcam must be turned ON and you must be muted.
  6. Once you're checked in, exam proctor/administrator will send you the link to your specific online exam.
  7. Once you click on the exam link, your exam will begin.
Tips for Online Exams
  1. As connectivity issues do arise, we recommend you write down your answers on a separate sheet of paper as you go. If any technical issues were to disrupt your exam, you will have a record of your answers available.
  2. Once you are finished, you will submit your exam via the online software 
Post-Exam:

Upon successfully finishing the final exam, login to your ASA account:

  • Select the 2024-2025 BV 15-Hour USPAP Course page
  • Navigate to the Next Steps section within your Course Modules & Content tab 
  • Complete the "Required Action" component and allow 5-7 business days for processing 
  • Once processed, you will be notified and your access to your certificate of completion will unlock
  • It's strongly advised to download and save a copy of your certificate for your records
  • If you encounter any issues, please contact us at education@appraisers.org