Practice Test Geeks(ARA) Accredited Rural Appraiser Practice Test
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Professional Standards & Competencies 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 Professional Standards & Competencies flashcards as text

  1. The ASFMRA Code of Ethics requires members to avoid actions that could be construed as:

    Answer: Misrepresentation, fraud, or deception in professional services

    ASFMRA's Code of Ethics prohibits misrepresentation, fraud, and deceptive practices to protect the integrity of rural valuation professionals.

  2. When appraising a property for a federally related transaction, rural appraisers must comply with:

    Answer: USPAP and FIRREA requirements

    FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act) requires that appraisals for federally related transactions comply with USPAP.

  3. An appraiser signs a certification in an appraisal report stating they have no bias regarding the property. What USPAP rule is this certification tied to?

    Answer: Ethics Rule — Independence section

    USPAP requires appraisers to certify their independence, impartiality, and objectivity through signed certifications in each report.

  4. A rural appraiser's workfile must be retained for a minimum of how many years after the date of the report or the date of the last appraiser-client contact, whichever is later?

    Answer: 5 years

    USPAP's Record Keeping Rule requires a minimum five-year retention period for appraisal workfiles.

  5. Which of the following best describes 'extraordinary assumptions' in a USPAP-compliant appraisal?

    Answer: Assumptions that, if found false, could alter the appraiser's opinions or conclusions

    Extraordinary assumptions are uncertain facts that, if proved false, could change the appraiser's value opinion and must be disclosed in the report.

  6. In rural appraisal practice, 'hypothetical conditions' differ from 'extraordinary assumptions' primarily because hypothetical conditions:

    Answer: Are contrary to known facts but used for analytic purposes

    Hypothetical conditions are known to be contrary to fact (e.g., appraising as if a proposed improvement is complete) and are used for specific analytic purposes.

  7. An ARA member who publicly claims expertise in a specialty they do not possess would violate which professional standard?

    Answer: USPAP Competency Rule and ASFMRA Code of Ethics

    Falsely claiming expertise violates both USPAP's requirement for honesty and the ASFMRA Code of Ethics prohibition on misrepresentation.