All appraisals must conform to which standards?

Appraisals must conform to the Uniform Standards of Professional Appraisal Practice (USPAP) because these standards are specifically designed to ensure that appraisals are performed with consistency, reliability, and ethical guidelines. USPAP provides a framework for appraisers to adhere to, promoting transparency and professionalism in the appraisal process. It includes standards for both the development and reporting of appraisals, ensuring that the work is performed in a manner that is credible and serves the needs of clients and stakeholders.

In contrast, the other options mentioned, such as IFRS or GAAP, position themselves primarily within financial reporting and accounting practices rather than the specific field of property appraisal. NREAS, while relevant to real estate appraisal, does not hold the same authority or widespread recognition as USPAP, which is the accepted standard in the United States. Hence, it is the Uniform Standards of Professional Appraisal Practice that stands as the definitive requirement for appraisals to ensure professionalism and accuracy in the field.