In USPAP, the appraisal process is divided into two distinct types of activity. Which of the following completes the statement?

In USPAP (Uniform Standards of Professional Appraisal Practice), the appraisal process is fundamentally divided into two key activities: development and reporting. The development phase involves collecting and analyzing data to form an opinion of value, which requires the appraiser to apply various methodologies and approaches to determine the most accurate valuation of the property. This phase includes tasks such as site inspections, market research, and applying the chosen valuation methods.

The reporting phase follows the development and entails the appraiser presenting their findings in a clear, understandable manner. This includes compiling the data, results, and opinions reached during the development phase into a formal report, which must adhere to USPAP guidelines regarding content, format, and clarity so that intended users can comprehend the value conclusion.

Understanding this division of the appraisal process is crucial for appraisal professionals as it ensures adherence to the standards set forth by USPAP, maintaining the integrity and reliability of appraisals in the real estate industry.