What does the retirement of a definition imply for a concept in USPAP?

What does the retirement of a definition imply for a concept in USPAP?

• A. The concept has been completely eliminated
• B. The concept still exists and should rely on common definitions
• C. The concept is now obsolete
• D. The concept is no longer applicable

Answer: (B)

The retirement of a definition in USPAP indicates that while the specific wording or technical definition may no longer be in active use, the underlying concept remains relevant and operational. Practitioners are encouraged to lean on common definitions and existing standards that align with the principles of appraisal practice. This ensures that although the formal definition has been retired, the essence of the concept can still inform and guide the work of appraisers. Therefore, understanding that the concept persists in a more general sense helps professionals navigate industry standards and maintain quality in their appraisal activities.

The retirement of a definition in USPAP indicates that while the specific wording or technical definition may no longer be in active use, the underlying concept remains relevant and operational. Practitioners are encouraged to lean on common definitions and existing standards that align with the principles of appraisal practice. This ensures that although the formal definition has been retired, the essence of the concept can still inform and guide the work of appraisers. Therefore, understanding that the concept persists in a more general sense helps professionals navigate industry standards and maintain quality in their appraisal activities.