Question

USPAP sets forth guidelines establishing how recent and proximate comparable sales must be.

a. True
b. False

Answer 1

USPAP does provide guidelines on how recent and proximate comparable sales should be, which is critical in reflecting current market conditions and ensuring relevance to the property being appraised.

Step-by-step explanation:

The statement that USPAP sets forth guidelines establishing how recent and proximate comparable sales must be is true. The Uniform Standards of Professional Appraisal Practice (USPAP) provides guidelines that appraisers must follow when selecting comparable sales. These guidelines emphasize that sales used as comparables should be recent to reflect the current market conditions and proximate, or geographically close to the subject property, to ensure relevance in the valuation process.