CA AB624

Establishes that Uniform Standards of Professional Appraisal Practice (USPAP) constitute the minimum standard of conduct and performance specifically for federally related real estate appraisal activities.

Allows licensees performing nonfederally related appraisal activities to use alternative valuation standards if the client discloses and agrees to the practice, and the practice is described in the appraisal.

Requires licensees using alternative valuation standards for nonfederally related appraisals to still comply with USPAP's Ethics, Record Keeping, Competency, and Scope of Work rules.

Adds new definitions including "federally related real estate appraisal activity," "nonfederally related real estate appraisal activity," and "standard of valuation practice" to the Real Estate Appraisers' Licensing and Certification Law.