To which property types does USPAP apply?

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Study for the McKissock 15hr National USPAP Test. Use flashcards and multiple-choice questions with hints and explanations. Get ahead in your appraisal career!

Multiple Choice

To which property types does USPAP apply?

Explanation:
USPAP governs appraisal practice for all types of property, not just physical assets. This includes tangible property—like real estate, equipment, and other physical items—and intangible property—such as goodwill, patents, copyrights, and licenses. The standards cover how appraisals are developed, documented, and communicated, as well as the ethical responsibilities of the appraiser, across any property type. Because of that broad scope, USPAP applies to both tangible and intangible property, rather than being limited to one category or to neither.

USPAP governs appraisal practice for all types of property, not just physical assets. This includes tangible property—like real estate, equipment, and other physical items—and intangible property—such as goodwill, patents, copyrights, and licenses. The standards cover how appraisals are developed, documented, and communicated, as well as the ethical responsibilities of the appraiser, across any property type. Because of that broad scope, USPAP applies to both tangible and intangible property, rather than being limited to one category or to neither.

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