Who is USPAP promulgated for according to the PREAMBLE?

Who is USPAP promulgated for according to the PREAMBLE?

• A. Only practicing appraisers.
• B. General public interested in knowing about appraisals.
• C. Appraisers and users of appraisal services.
• D. Government officials overseeing appraisals.

Answer: (C)

The Uniform Standards of Professional Appraisal Practice (USPAP) is designed to serve as a guiding framework for both appraisers and users of appraisal services. This mutual focus ensures that appraisers adhere to a set of standards that promote ethical practice and consistent quality in appraisal work, while also providing users—such as clients, lenders, and regulatory bodies—with assurance that appraisals are conducted reliably and competently. This dual audience fosters transparency and trust in the valuation process, making it crucial for USPAP to address the needs and expectations of both parties. By being applicable not just to appraisers but also to those who utilize appraisal services, USPAP supports a robust and professional appraisal environment that enhances credibility and accountability within the valuation profession.

The Uniform Standards of Professional Appraisal Practice (USPAP) is designed to serve as a guiding framework for both appraisers and users of appraisal services. This mutual focus ensures that appraisers adhere to a set of standards that promote ethical practice and consistent quality in appraisal work, while also providing users—such as clients, lenders, and regulatory bodies—with assurance that appraisals are conducted reliably and competently. This dual audience fosters transparency and trust in the valuation process, making it crucial for USPAP to address the needs and expectations of both parties.

By being applicable not just to appraisers but also to those who utilize appraisal services, USPAP supports a robust and professional appraisal environment that enhances credibility and accountability within the valuation profession.