USPAP STANDARD 3 pertains to which aspect of appraisal practice?

USPAP STANDARD 3 specifically addresses the appraisal review process. This standard lays out the requirements and guidelines for appraisers who are tasked with reviewing an appraisal report prepared by another appraiser. It ensures that a systematic approach is taken in reviewing the analysis, conclusions, and supporting evidence presented in the original appraisal.

Understanding this standard is crucial for appraisers involved in reviewing work, as it mandates adherence to certain ethical considerations and technical competencies. The standard provides a framework that enhances the reliability and credibility of appraisal reviews, leading to better decision-making by stakeholders who rely on such reviews for various purposes, including lending, investment, or legal matters.

The other options pertain to different aspects of appraisal practice. Appraisal involves the process of estimating the market value of real estate, business appraisal specifically refers to determining the value of a business entity, and mass appraisal relates to the assessment of a large number of properties, often for tax purposes. Each of these is governed by different standards and practices, distinct from those outlined in USPAP STANDARD 3, which is focused solely on the appraisal review process.