Uniform Standards of Professional Appraisal Practice (USPAP) Practice Exam

Which organization is NOT responsible for developing, amending, and interpreting USPAP?

1. Appraisal Standards Board

2. Appraisal Subcommittee

3. Appraisal Institute

4. Appraisal Foundation

The correct answer is: Appraisal Subcommittee

The Appraisal Subcommittee is not responsible for developing, amending, or interpreting the Uniform Standards of Professional Appraisal Practice (USPAP). The Appraisal Subcommittee primarily plays a regulatory role rather than a standard-setting one. It provides oversight of state appraisal licensing and certification programs but does not actively engage in the creation or modification of USPAP itself. In contrast, the Appraisal Standards Board is specifically responsible for the creation and maintenance of USPAP, ensuring that the standards reflect current practices in the appraisal profession. The Appraisal Institute, a professional association, contributes to the discourse on appraisal standards and may influence opinions and best practices but does not have the authority to amend USPAP. The Appraisal Foundation oversees the Appraisal Standards Board and provides governance for USPAP, facilitating its standards-setting activities. Thus, the correct answer highlights the distinct roles each organization plays in relation to USPAP, with the Appraisal Subcommittee not being involved in its development or amendments.