Report Writing & Ethical Standards Flashcards

Under USPAP's Confidentiality section, an appraiser may disclose confidential information without client consent when:

Answer: Required by law or a court order

USPAP allows confidential information disclosure only when required by law, court order, or with the client's permission.

A restricted appraisal report differs from an appraisal report primarily in that it:

Answer: Contains less content and is intended only for the client

A restricted appraisal report contains fewer disclosures and is intended solely for client use, not third parties.

Which element is REQUIRED to appear in every appraisal report under USPAP Standards Rule 2-2?

Answer: A certification signed by the appraiser

Standards Rule 2-2 mandates that every appraisal report include a signed certification by the appraiser.

An appraiser's certification must include a statement that:

Answer: The appraiser has no prior interest in the property

The certification must state that the appraiser has no present or prospective interest in the property that would bias the analysis.

When an ARA appraiser signs a report as a supervisory appraiser, they are certifying that:

Answer: They accept full responsibility for the report's content

A supervisory appraiser's signature indicates they accept full responsibility for the appraisal report.

Under ETHICS RULE, an appraiser must NOT accept an assignment with a predetermined:

Answer: Opinion of value

Accepting an assignment contingent on reporting a predetermined value violates the USPAP Ethics Rule.

The COMPETENCY RULE requires an appraiser who lacks knowledge for an assignment to:

Answer: Disclose the lack of knowledge and take steps to become competent before completing the report

The Competency Rule allows an appraiser to accept an assignment if they disclose the deficiency and acquire the needed competency before the assignment is complete.