What does a Statement on Appraisal Standards labeled "RP" signify?

A Statement on Appraisal Standards labeled "RP" signifies that the statement is specifically applicable to real property appraisal. This designation indicates that the guidelines or standards set forth are tailored for appraisers working within the realm of real estate, addressing unique considerations, methodologies, and practices pertinent to this field.

Real property appraisals involve specific regulatory requirements and are often governed by various federal and state laws, market conditions, and appraisal practices that distinguish them from other types of appraisals, such as personal property or business valuations. The "RP" label thus indicates to appraisers that the information within the statement is crucial for ensuring compliance and best practices related to real estate evaluations.

Understanding the specific applicability of these standards is essential for appraisers to adhere to industry norms and ensure credible appraisal results within the context of real property transactions.