Certified Residential Appraiser Practice Exam

Who copyrighted the Uniform Standards of Professional Appraisal Practice (USPAP)?

1. The Appraisal Institute

2. The Appraisal Foundation

3. The National Association of Realtors

4. The Department of Housing and Urban Development

The correct answer is: The Appraisal Foundation

The Uniform Standards of Professional Appraisal Practice (USPAP) are copyrighted by The Appraisal Foundation. This organization plays a crucial role in establishing and maintaining the standards of appraisal practice in the United States. USPAP provides a framework for the appraisal profession by outlining the ethical and performance standards for appraisers. The Appraisal Foundation is a non-profit organization that was formed to serve the public interest by establishing and promoting appraisal standards. By having the copyright on USPAP, The Appraisal Foundation ensures that the standards are protected and can only be modified or disseminated according to their guidelines. This level of control is essential in maintaining the integrity and credibility of appraisal practice across different states and regions. In contrast, while organizations like The Appraisal Institute, the National Association of Realtors, and the Department of Housing and Urban Development may influence the appraisal profession or have resources related to it, they do not hold the copyright for USPAP. Each of these entities has different roles and responsibilities that do not include the establishment of universally accepted appraisal standards like USPAP.