`The Standards Rule of Real Estate Appraisal Practice` which regulates appraiser`s behavior and professional conduct was newly changed. The purpose of this study is to review the New Standards Rule theoretically and to suggest some ideas for the next revisions. The provisions in the existing Standards Rule for depreciation adjustment, depreciation method, capitalization method, concept of capitalization rate and expected rate of return were eliminated in the new rule. The new rule emphasizes Competency Provision, concise writing of appraisal report, objectivity and impartiality of appraisal practice. It also encourages the discounted cash flow analysis in applying income approach, recognizes appraisal consulting and business valuation as important areas of real estate appraisal, and requires to reconciliate indicated values of three approaches in deriving final value conclusion. The efforts of government and related associations to consist underdeveloped existing appraisal practices with recent appraisal theories and techniques are highly evaluated. To maintain the highest level of professional practice, the continuing process of evaluation and reconsideration of Standards Rule should be needed, especially in the problems related with the concept of Normal Value, appraisal review, Appraisal Standards Boards, specifications of appraisal manual, forms of appraisal reports, appraisal information systems, and so on.