Professional Ethics & Standards Flashcards
7 cards from real BCA 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 Ethics & Standards flashcards as text
A BCA appraiser realizes mid-assignment that a close family member has an ownership stake in the subject company. The appraiser should:
Answer: Immediately withdraw and notify the client
Discovering a material conflict mid-assignment requires immediate withdrawal to preserve the integrity of the appraisal process.
Which practice violates the BCA's prohibition on misleading reports?
Answer: Cherry-picking only the comparables that support a higher value
Selectively using only favorable comparables without disclosing the excluded data creates a misleading impression.
A BCA appraiser is asked to provide a 'desktop' appraisal with limited scope. Under professional standards, the appraiser must:
Answer: Clearly disclose the scope limitations and their effect on reliability
Limited-scope assignments are permitted but require explicit disclosure of what was excluded and how it affects the report's reliability.
The BCA ethical standard on 'advocacy' prohibits an appraiser from:
Answer: Presenting analysis that favors the client's desired outcome over objective evidence
Advocacy means biasing conclusions toward the client's interest rather than following evidence, which is prohibited.
When two BCA appraisers reach significantly different values for the same subject, the most likely acceptable explanation is:
Answer: Different scope of work, assumptions, or methodologies applied
Different assumptions, effective dates, or methodologies can legitimately produce different values without either appraiser acting unethically.
An appraiser who publishes educational content using anonymized case study data from a past engagement:
Answer: May do so if the client cannot be identified from the published content
Anonymized data that cannot identify the client is generally acceptable for educational use without breaching confidentiality.
A BCA appraiser receives a subpoena to produce an appraisal workfile. Under professional standards, the appraiser should:
Answer: Comply with the legal order and notify the client
Legal process overrides confidentiality; the appraiser must comply with a valid subpoena while notifying the client.