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Professional Standards and Ethics Flashcards

7 cards from real CAE 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 and Ethics flashcards as text

  1. Which USPAP standards specifically govern the development and reporting of mass appraisals used in ad valorem assessment?

    Answer: Standards 5 and 6

    USPAP Standard 5 covers mass appraisal development and Standard 6 covers mass appraisal reporting.

  2. Under the USPAP Record Keeping Rule, how long must a workfile be retained at minimum when no judicial proceeding is involved?

    Answer: 5 years after preparation

    The Record Keeping Rule requires retention for at least five years after preparation, or two years after final disposition of a related judicial proceeding, whichever is later.

  3. An assessor discovers that a state statute requires a valuation method that conflicts with a USPAP requirement. Which USPAP rule addresses this situation?

    Answer: Jurisdictional Exception Rule

    The Jurisdictional Exception Rule voids only the conflicting part of USPAP in that jurisdiction while the rest remains in force.

  4. Which organization issues the Uniform Standards of Professional Appraisal Practice (USPAP)?

    Answer: The Appraisal Standards Board of The Appraisal Foundation

    USPAP is developed and published by the Appraisal Standards Board (ASB) of The Appraisal Foundation.

  5. A deputy assessor is asked to value a commercial parcel in which his brother holds a partnership interest. What is the most appropriate ethical action?

    Answer: Disclose the relationship and recuse himself from the valuation

    A personal interest creates a conflict that should be disclosed, with the assessor withdrawing from the assignment to preserve impartiality.

  6. Under the USPAP Ethics Rule, which compensation arrangement is prohibited?

    Answer: Compensation contingent on reporting a predetermined value or direction in value

    USPAP prohibits accepting assignments where compensation depends on a predetermined result, a direction in value, or a stipulated outcome.

  7. Which statement best describes an extraordinary assumption under USPAP?

    Answer: An assignment-specific assumption, uncertain but presumed true, which if false could alter the opinions

    An extraordinary assumption is presumed true for the assignment though uncertain, and if found false could change the results.

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