Certified Residential Appraiser Practice Exam

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

1. The ASB

2. The AQB

3. An Ad Hoc Committee

4. The Board of Trustees

The correct answer is: An Ad Hoc Committee

The Uniform Standards of Professional Appraisal Practice (USPAP) were developed by an Ad Hoc Committee established by the Appraisal Foundation. This committee was tasked with creating standards that address ethical behavior and competent performance by appraisers. The establishment of USPAP was a significant milestone in the appraisal profession as it provided a framework that ensures appraisers perform their duties with integrity and consistency, which is crucial for maintaining public trust in the appraisal process. The other choices refer to important entities within the appraisal profession but do not directly pertain to the original development of USPAP. The Appraisal Standards Board (ASB) is involved in maintaining and updating USPAP but was not the initial developer. Similarly, the Appraiser Qualifications Board (AQB) has a different focus on establishing qualifications for appraisers rather than developing the standards themselves. The Board of Trustees oversees the Appraisal Foundation but does not directly create standards like USPAP.