Which entity is responsible for developing, interpreting, and amending USPAP?

The Appraisal Standards Board (ASB) is the entity responsible for developing, interpreting, and amending the Uniform Standards of Professional Appraisal Practice (USPAP). The ASB operates within the framework of The Appraisal Foundation, which provides overall governance and resources for the appraisal profession but does not directly engage in the formulation of USPAP itself.

The ASB's key role is to establish standards that ensure the quality and consistency of appraisal practices across the nation. This involves not only the creation of the standards but also the review and update process to adapt to changes in the appraisal field. Their ongoing efforts help maintain public trust in the appraisal profession, encouraging adherence to ethical practices and ensuring appraisals are conducted with competence and integrity.

Other entities listed, such as the Federal Housing Administration and State Appraisal Boards, play important roles in the broader real estate and appraisal environment, but they do not have the authority or responsibility specifically for the development and amendment of USPAP. The Federal Housing Administration primarily focuses on insuring loans and supporting housing policies, while State Appraisal Boards regulate real estate appraisers at the state level, enforcing compliance with the standards set forth by the ASB and ensuring appraiser licensing and disciplinary actions.