Which statement is FALSE regarding STANDARD 1?

• A. It covers real and personal property appraisal development
• B. The requirements of STANDARD 1 can be used as a checklist by an appraiser who is developing a real property appraisal
• C. It provides guidance on ethical responsibilities
• D. It addresses development of an appraisal from problem identification to completion

Answer: (A)

Standard 1 focuses on the development of an appraisal for real property, laying out the process from identifying the problem through to completing the work and presenting the final appraisal. It provides a structured framework that can be used as a checklist when developing a real property appraisal, and it emphasizes ethical performance and professional conduct throughout the development process. However, it does not apply to personal property appraisals; those are guided by different standards. That’s why the statement about covering real and personal property appraisal development is false. The other statements align with how Standard 1 is typically used: as a practical checklist for real property development, offering guidance on ethical responsibilities, and addressing the development steps from problem identification to completion.