What does USPAP Standard 1 require?

Standard 1 of the Uniform Standards of Professional Appraisal Practice (USPAP) sets the requirements for developing a real property appraisal. Together with Standard 2, which covers reporting, it is referenced by federal financial institution regulators when they implement Title XI of FIRREA. USPAP requires the appraiser to correctly employ the recognized methods and techniques necessary to produce a credible result, but it does not mandate any specific methodology.