THE DEPARTMENT OF JUSTICE AND THE APPRAISAL FOUNDATION ANNOUNCE NEW EDITION OF THE UNIFORM APPRAISAL STANDARDS FOR FEDERAL LAND ACQUISITIONS
Washington, DC – (RealEstateRama) — The Appraisal Foundation, in cooperation with the U.S. Department of Justice, this week announced the publication of the sixth edition of the Uniform Appraisal Standards for Federal Land Acquisitions, commonly known as the “Yellow Book.” The Yellow Book is promulgated by the Interagency Land Acquisition Conference for use by all agencies for federal land acquisitions.
The Yellow Book was developed to promote fairness, uniformity, and efficiency in the valuation of real property in federal acquisitions, with the twin aims of protecting the public interest and ensuring fair and equitable treatment of landowners whose property is affected by public projects.
The sixth edition of the Yellow Book contains essential improvements, including relevant new appraisal methodology and theory, new case law and federal requirements, and updates to maintain consistency with professional appraisal standards.
Additionally, the sixth edition has been restructured to provide clarity and readability, resulting in practical guidance for appraisers, attorneys, and the public.
John C. Cruden, Assistant Attorney General of the U.S. Department of Justice’s Environment and Natural Resources Division, commented: “This new edition of the famed Yellow Book is the result of a collaborative effort across federal agencies to ensure fair and efficient determination of just compensation in federal acquisitions, and reflects the valuable contributions of the Conference agencies’ representatives. I commend this revised and improved up-to-date edition to everyone as an indispensable resource for the appraisal of property for all types of federal land acquisitions, and the foremost authority on real estate valuation in federal eminent domain.”
David S. Bunton, President of The Appraisal Foundation, stated: “The Appraisal Foundation is pleased to have been chosen by the U.S. Department of Justice to partner on this project. We believe that housing both the Yellow Book and the Uniform Standards of Professional Appraisal Practice (USPAP) at the same entity makes a lot of sense.” He continued, saying, “We are pleased, too, with the new enhancements of the Yellow Book and its compatibility with USPAP. We believe this will be of great help to appraisers practicing in the area of federal land acquisitions.”
A free electronic version is also available on the U.S. Department of Justice website.
To learn more about the Yellow Book, click here[external link]. To purchase a copy of the enhanced electronic version, please visit the Foundation’s store here[external link]. To view or download the free electronic version, click here[external link]
