Which of the following options describes USPAP compliance by an appraiser?

The assertion that compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) is required when bound by law, regulation, or client agreement captures the essential nature of these standards. USPAP establishes a framework for ethical and competent appraisal practice that is recognized across multiple jurisdictions and is critical for maintaining the integrity of valuations in various contexts.

Appraisers must adhere to these standards when they are obligated by legal statutes, regulatory requirements, or contractual agreements with clients. This could arise, for example, when conducting appraisals for federally regulated agencies or as part of a contract stipulation with a private client that mandates adherence to USPAP. Such obligations ensure that appraisals are completed with professionalism and adherence to recognized standards, which helps to reinforce trust and reliability in the appraisal process.

In contrast, options that suggest compliance is optional, only applicable to specific types of appraisals, or limited to governmental assessments do not accurately reflect the broad application and necessity of USPAP compliance in the appraisal profession.