Uniform Standards of Professional Appraisal Practice (USPAP) Practice Exam

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Which board is responsible for setting ethical standards for appraisals?

Appraisal Practices Board (APB)
Appraisal Ethics Board (AEB)
Appraisal Standards Board (ASB)
Appraisal Qualifications Board (AQB)

The correct answer is: Appraisal Standards Board (ASB)

The Appraisal Standards Board (ASB) is the correct choice because it is specifically tasked with developing and maintaining the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP outlines the ethical standards and guidelines that appraisers must follow in their professional conduct. The ASB plays a crucial role in ensuring that these standards reflect current practices and address the changing needs of the appraisal profession. As a key component of the appraisal regulatory framework, the ASB provides guidance on what constitutes ethical appraisal practice, thereby promoting integrity and trust in the appraisal process. This includes establishing the principles that guide appraisers in their work, ensuring that they operate ethically and competently. Other options, while related to the appraisal profession, do not have the same focused mandate. The Appraisal Practices Board (APB) provides guidance on specific issues that may arise in appraisal practice but does not set ethical standards. The Appraisal Ethics Board (AEB) is not a recognized entity in the context of USPAP. The Appraisal Qualifications Board (AQB) focuses on establishing the qualification criteria for appraisers and does not directly set ethical standards.