In what context does USPAP apply?

USPAP, or the Uniform Standards of Professional Appraisal Practice, applies broadly across the appraisal profession, covering a wide range of property types. It governs the process and standards for appraisals related to both tangible properties, such as real estate and personal property, as well as intangible properties that may include business interests, intellectual property, and other non-physical assets.

The reason why this choice is correct is that USPAP establishes guidelines, ethical principles, and performance standards that are relevant to all types of properties, ensuring that appraisals are conducted with objectivity and consistency regardless of the nature of the asset. This comprehensive applicability underscores the importance of USPAP in maintaining professional standards in the appraisal profession, whether the appraisal is for residential, commercial, or other property types, thus promoting credibility and trust in the appraisal process.

The other options limit the scope of USPAP's application, indicating specific categories or ownership types that do not reflect the reality of USPAP’s wide-ranging guidelines.