Certified Pennsylvania Evaluator Practice Exam

Which organization is responsible for creating USPAP?

1. Appraisal Standards Board

2. National Association of Realtors

3. Department of Housing

4. Federal Housing Authority

The correct answer is: Appraisal Standards Board

The Appraisal Standards Board is the entity responsible for creating the Uniform Standards of Professional Appraisal Practice (USPAP). This organization was established to ensure that appraisers meet a consistent standard of practice that reflects integrity, accountability, and professionalism within the appraisal industry. USPAP serves as the foundation for ethical appraisal practices and is pivotal for maintaining the credibility of appraisals in various sectors, including real estate and finance. The other organizations listed, while relevant to real estate and housing, do not have a role in the creation of USPAP. The National Association of Realtors primarily focuses on advocacy and support for real estate professionals but does not set appraisal standards. The Department of Housing and the Federal Housing Authority are involved in housing policy and regulation but do not create appraisal standards. This demonstrates the specific expertise and authority of the Appraisal Standards Board in establishing guidelines that appraisers must follow to ensure that their work meets necessary professional standards.