What does STANDARD 1 require an appraiser to do in developing a real property appraisal?

STANDARD 1 of the Uniform Standards of Professional Appraisal Practice (USPAP) emphasizes the necessity for appraisers to apply due diligence and due care while conducting their appraisal work. This principle is foundational because it ensures that appraisers perform their tasks with a level of competence and thoroughness that meets professional standards.

Due diligence refers to the appraiser's effort to gather all relevant information and analyze the data necessary to form a credible opinion of value. Due care involves exercising the necessary skill and attention required in the appraisal process, ensuring that the appraiser adheres to all ethical and professional standards. This encompasses everything from understanding the property's characteristics and applicable market conditions to the methods used in the appraisal itself.

While the other choices might seem relevant in a general appraising context, they do not align as closely with the fundamental requirements outlined in STANDARD 1. For instance, using the lowest cost option does not ensure an accurate or fair appraisal. Consulting with multiple appraisers may sometimes be beneficial, but it is not a requisite of the appraisal process. Moreover, focusing solely on market value does not encapsulate the full scope of an appraiser’s responsibilities, as appraisals may cover various types of property value assessments beyond just market considerations. Therefore, the emphasis on due