What is the set of procedures and ethical guidelines set by the Appraisal Standards Board called?

The correct choice refers to the Uniform Standards for Professional Appraisal Practice (USPAP), which is a comprehensive set of guidelines and ethical standards designed to ensure that appraisals are performed consistently and reliably across the profession. Established by the Appraisal Standards Board, USPAP sets the framework for acceptable appraising practices in the United States.

This framework includes principles related to competency, ethics, and the responsibilities of appraisers, thus promoting integrity in the appraisal process. The use of these standards is critical for maintaining trust in the appraisal profession, particularly in lending and transaction situations where accurate property valuations are essential.

Understanding and adhering to USPAP is crucial for appraisers to uphold professionalism and to comply with regulations in the real estate market. This ensures that appraisals serve their intended purpose and protects the interests of consumers and stakeholders within the industry.