Who develops, interprets, and amends USPAP?

The Appraisal Standards Board (ASB) is responsible for developing, interpreting, and amending the Uniform Standards of Professional Appraisal Practice (USPAP). This board plays a crucial role in establishing and maintaining the standards that guide appraisers in their work, ensuring consistency and reliability in the appraisal profession.

The ASB not only creates the standards but also monitors the need for updates and adjustments to reflect changes in the appraisal landscape or in response to public input and industry developments. Their authority ensures that USPAP remains a relevant and authoritative framework for appraisal practice across the United States.

In contrast, the other options serve different functions within the appraisal profession: the Appraisal Practices Board focuses on providing guidance and best practices, the Appraiser Qualifications Board is tasked with setting the qualifications for appraisers, and the National Association of Realtors is a trade association that supports real estate professionals but does not have a direct role in the establishment of USPAP.