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
Which item is NOT among the parties to whom USPAP permits disclosure of confidential assignment information?
Answer: A neighboring property owner who requests comparables data
USPAP limits disclosure to the client, authorized persons, regulatory agencies, parties under due process of law, and authorized peer review committees.
The Scope of Work Rule requires that the scope of work be sufficient to produce what?
Answer: Credible assignment results
Under the Scope of Work Rule, the scope must be sufficient to produce credible assignment results given the intended use.
An appraiser lacks experience with a property type but has already accepted the assignment. Under the Competency Rule, what must the appraiser do?
Answer: Disclose the lack of knowledge, take steps to complete the assignment competently, and describe those steps in the report
The Competency Rule allows completion if the appraiser discloses the deficiency, gains competency or obtains assistance, and describes the steps taken.
A taxpayer submits confidential income and expense statements during an appeal. How should assessment staff treat this information?
Answer: Protect it according to confidentiality laws and use it only for valuation purposes
Proprietary taxpayer data should be safeguarded under applicable confidentiality laws and used solely for assessment purposes.
An assessor accepts season tickets from a developer whose properties are under appeal. Which ethical principle is most directly violated?
Answer: Avoiding gifts that create a conflict of interest or appearance of impropriety
Accepting gifts from parties with matters pending undermines impartiality and public trust.
Which USPAP standard addresses appraisal review, where one appraiser develops an opinion about the quality of another's work?
Answer: Standard 3
Standard 3 covers the development and reporting of appraisal review.
A hypothetical condition in an appraisal assignment is best defined as:
Answer: A condition directly related to the assignment that is contrary to known facts but supposed for the purpose of analysis
A hypothetical condition is contrary to what is known to exist on the effective date but is assumed for the analysis.
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