Final answer:
Yes, USPAP requires a discussion of the appropriate marketplace in an appraisal to ensure that the value concluded is relevant to the market where the property would likely sell.
Step-by-step explanation:
The Uniform Standards of Professional Appraisal Practice (USPAP) does indeed say that you need to discuss the appropriate marketplace when conducting an appraisal. This discussion of the market is vital as it ensures that the value concluded is pertinent to the market in which the property is most likely to sell.
The relevant standards within USPAP insist that an appraiser must analyze the relevant market conditions and determine the appropriate market for the subject of the appraisal, which often means considering factors such as the location, use, and whether the property is more suited for a local, regional, or national marketplace.