Report Writing & Ethical Standards Flashcards
7 cards from real ARA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Report Writing & Ethical Standards flashcards as text
Under USPAP, an 'intended user' is defined as:
Answer: The client and any other party identified by the appraiser as a user of the report
Intended users include the client and any additional parties the appraiser identifies as users at the time of the assignment.
A rural appraisal report that includes a personal property contribution (e.g., grain bins) must:
Answer: Separately identify and, if included in value, allocate the personal property component
When personal property is included in the value estimate, the appraiser must separately identify and allocate its contributory value to avoid misleading the reader.
An appraiser performing a review appraisal of a rural property report must, at a minimum:
Answer: Form an opinion about the quality of the work under review
Standards Rule 3 requires the review appraiser to form an opinion about the quality and completeness of the work being reviewed.
When a rural appraisal report is used in an eminent domain proceeding, the appraiser must be aware that:
Answer: Jurisdictional law may define compensation differently than USPAP market value
Eminent domain proceedings are governed by jurisdictional law, which may define just compensation differently from USPAP's market value definition.
Which practice is consistent with USPAP's Ethics Rule regarding advertising?
Answer: Accurately stating credentials, services offered, and geographic competency
The Ethics Rule requires that advertising be accurate, not misleading, and not make unsupported claims about services or results.
If a rural appraisal's scope of work includes an exterior-only inspection, the appraiser must:
Answer: Disclose the limitation and explain how it may affect the reliability of the value conclusion
When an inspection limitation exists, USPAP requires the appraiser to disclose it and describe how the limitation may affect the appraisal's reliability.
The USPAP definition of 'market value' assumes which of the following conditions?
Answer: Both buyer and seller are typically motivated and acting in their own best interests
Market value assumes a willing buyer and seller, both typically motivated, acting in their own best interests with adequate time on the market.