Which statement is correct regarding The Appraisal Foundation and USPAP?

The Appraisal Foundation does not possess enforcement authority. Instead, it serves as a standard-setting organization that provides guidance and frameworks, including the Uniform Standards of Professional Appraisal Practice (USPAP). Its primary role is to set the standards for appraisers through the development of USPAP, but it does not have the power to enforce compliance with these standards.

Enforcement of USPAP typically rests with state appraisal boards and other regulatory agencies that have the authority to license and discipline appraisers. This division of responsibilities means that while the Foundation establishes appraisal standards, it relies on external bodies to enforce them. This highlights the role of The Appraisal Foundation as a leader in setting standards and providing educational resources, rather than as an enforcement entity.

The other options suggest various levels of authority that the Foundation would have over enforcement or jurisdiction, which do not reflect its true role.