Who is responsible for developing the Uniform Standards of Professional Appraisal Practice (USPAP) that licensed appraisers must follow?

The Uniform Standards of Professional Appraisal Practice (USPAP) were developed by the Appraisal Standards Board, which is part of the Appraisal Foundation. This organization aims to establish and promote consistent appraisal standards and practices across the profession. The Appraisal Standards Board is specifically tasked with creating and maintaining USPAP, which includes guidelines that all licensed appraisers in the United States are required to follow to ensure that appraisals are performed in a professional and ethical manner. This establishes a framework that supports the credibility of the appraisal industry and protects the interests of the public.

Understanding the role of the Appraisal Standards Board is crucial for compliance and quality assurance in the appraisal process, and recognizing it as the authority behind USPAP is essential for anyone working within the field of real estate appraisal.