Property Valuation
USPAP (Uniform Standards of Professional Appraisal Practice) requires Pennsylvania appraisers to:
AUse only the sales comparison approach for all residential properties
BDevelop and report appraisals with competency, independence, and objectivity✓ Correct
CSubmit all appraisals to PREC for review
DObtain signatures from buyer and seller before finalizing any appraisal
Explanation
USPAP sets the ethical and performance standards for Pennsylvania appraisers. It requires competency (sufficient education and experience), independence (no interest in the transaction), and objectivity (unbiased analysis). Violation of USPAP can result in disciplinary action by the Pennsylvania Appraisal Board.
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