What is the primary goal of USPAP as stated in its Preamble?

The primary goal of USPAP, as stated in its Preamble, is to promote and maintain a high level of public trust in appraisal practice. USPAP serves as a set of ethical standards and guidelines for appraisers, ensuring that they conduct their work with integrity and professionalism. This focus on public trust is crucial because appraisals can significantly impact financial decisions, real estate transactions, and the overall economy. By establishing a framework that emphasizes honesty, objectivity, and transparency, USPAP helps to reassure the public that appraisals are conducted fairly and competently. This trust is essential for the credibility of the appraisal profession and the broader financial system.

Considering the other options, they do not align with the overarching purpose outlined in USPAP. Enhancing profitability or standardizing fees does not address the fundamental need for trust in appraisal practices. Additionally, limiting the scope of services would be counterproductive to the objective of maintaining a high level of public confidence. Therefore, promoting public trust remains the cornerstone of USPAP’s identity and function.