Which statement is FALSE regarding STANDARD 1?

The statement regarding STANDARD 1 that is false is that it covers real and personal property appraisal development. In reality, STANDARD 1 focuses specifically on the development of real property appraisals. Although personal property appraisals may have associated ethical and procedural considerations, STANDARD 1 does not explicitly cover those aspects. Its guidelines are tailored primarily to ensure that the appraiser develops and reports an appraisal that adheres to the recognized standards for real estate evaluations.

The other statements are accurate; STANDARD 1 indeed mirrors the appraisal process, outlining the necessary steps and considerations within that workflow. It includes six Standards Rules that specifically detail the requirements the appraiser must follow during the appraisal development phase. Additionally, it can serve as a checklist for appraisers, providing a structured approach to ensure all necessary components of the appraisal process are properly addressed.