Which board is responsible for developing and interpreting USPAP?

The Appraisal Standards Board (ASB) is indeed responsible for developing and interpreting the Uniform Standards of Professional Appraisal Practice (USPAP). This board establishes the standards and guidelines that appraisers must follow in their work to ensure professionalism, consistency, and ethical practice within the appraisal profession.

The ASB is tasked with revising and updating USPAP as necessary to respond to changes in the real estate market, regulatory requirements, and emerging practices within the appraisal field. This makes it the authoritative source for the standards that appraisers adhere to, ensuring that the practice is uniform across various jurisdictions and appraisal situations.

In view of the other options, it is crucial to recognize that while the Appraisal Qualifications Board (AQB) focuses on establishing the qualifications necessary for appraisers, and the Appraisal Practices Board (APB) addresses best practices in appraisal, they do not have the same role as the ASB regarding the development and interpretation of USPAP. The Board of Trustees (BOT) oversees the overall organization and strategy of the appraisal standards setting process but does not directly engage in the specifics of USPAP development. Thus, the ASB stands out as the correct choice for the responsible body for USPAP.