Which statement is FALSE regarding STANDARD 1?

The statement that it does not address commercial property is misleading and thus correct to identify as false. Standard 1 of the Uniform Standards of Professional Appraisal Practice (USPAP) applies to all types of property appraisal, including commercial, residential, and personal property. The standard focuses on the processes and methodologies for developing credible appraisals. It emphasizes that appraisers must conduct their work in a manner that upholds professional integrity and complies with established guidelines, regardless of the property type.

In contrast, the other statements accurately reflect the principles established in Standard 1. It does encompass both real and personal property appraisals, permits the use of various methodologies to fit the specific circumstances of the appraisal, and mandates that appraisers adhere to high ethical and professional standards. These aspects are crucial for ensuring the credibility and reliability of the appraisal process.