Which of the following statements about USPAP is true according to the material?

• A. The Appraisal Foundation has enforcement authority
• B. The Appraisal Standards Board is not involved in USPAP
• C. The two main activity types are Development and Reporting
• D. The credibility of assignment results is measured by the market conditions

Answer: (C)

USPAP describes two main activity types for an appraisal assignment: Development and Reporting. Development covers everything the appraiser does to prepare the assignment—identifying the problem, determining the scope of work, collecting and verifying data, analyzing that data, and applying valuation approaches. Reporting is about communicating the results properly, including the format, disclosures, and the evidence that supports the conclusions. This structure is why the statement is true. The Appraisal Foundation itself does not enforce USPAP; enforcement comes from state appraisal boards and regulators. The Appraisal Standards Board is indeed involved in USPAP, as the body that develops the standards. Credibility of assignment results is grounded in compliance with USPAP and the quality of the work, not directly measured by market conditions.