ARA Professional Standards & Competencies 3

Question 1

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

Accepted Answer

Misrepresentation, fraud, or deception in professional services

Answer

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

Question 2

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

Accepted Answer

USPAP and FIRREA requirements

Answer

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

Question 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?

Accepted Answer

Ethics Rule — Independence section

Answer

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

Question 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?

Accepted Answer

5 years

Answer

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

Question 5

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

Accepted Answer

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

Answer

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

(ARA) Accredited Rural Appraiser Practice Test

(ARA) Accredited Rural Appraiser Practice Test

ARA Professional Standards & Competencies 3