Property Valuation
In New Mexico, which of the following is TRUE about Uniform Standards of Professional Appraisal Practice (USPAP)?
AUSPAP only applies to commercial appraisals
BUSPAP sets the ethical and performance standards for all appraisers in the United States✓ Correct
CUSPAP is a New Mexico-only regulation
DUSPAP is optional for residential appraisers
Explanation
USPAP establishes mandatory ethical and performance standards for all real property appraisers in the United States, enforced through state appraiser licensing boards and required for federally related transactions.
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