USPAP Practice Exam 2025 – Complete All-in-One Guide to Mastering Professional Appraisal Standards

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Question: 1 / 415

According to USPAP, what is considered a valuation service?

Providing advocacy-based opinions

Being involved in appraisal practice

Data collection for market analysis

Valuation services is not a subset of appraisal practice

According to USPAP, valuation services refer specifically to activities that contribute to understanding, assessing, or communicating values or valuation outcomes. This encompasses appraisal practice, which is a defined aspect of valuation work.

Being involved in appraisal practice is fundamentally intertwined with providing valuation services, as appraisals are a method through which values are determined. Additionally, while data collection for market analysis is a crucial component in the valuation process, it alone does not complete the appraisal function without analysis and conclusion of value.

Thus, the concept that valuation services is not a subset of appraisal practice is inaccurate. In fact, valuation services and appraisal practice are closely linked, with valuation services encompassing a broader scope of activities that include appraisals but also may extend to other analysis techniques that assess value.

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