What is a primary requirement for appraisals according to USPAP?

A primary requirement for appraisals according to the Uniform Standards of Professional Appraisal Practice (USPAP) is that they must meet ethical and professional standards. USPAP is designed to ensure that appraisers conduct their work with integrity, impartiality, and objectivity. Ethical standards encompass a range of principles that guide appraisers in maintaining honesty and transparency in their reporting, avoiding conflicts of interest, and ensuring that their conclusions are supported by credible evidence.

While timely completion of appraisals, disclosure of appraiser identities, and signing of reports are also important considerations in the appraisal process, they are not primary requirements set forth by USPAP. The emphasis on adhering to ethical and professional standards underscores the importance of trust in the appraisal profession, which ultimately supports the credibility of the valuation produced. Therefore, meeting these standards is crucial for appraisers to fulfill their professional responsibilities and maintain the integrity of their work.