CAE Professional Standards and Ethics 2

Question 1

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

Accepted Answer

Standards 5 and 6

Answer

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

Question 2

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

Accepted Answer

5 years after preparation

Answer

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.

Question 3

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

Accepted Answer

Jurisdictional Exception Rule

Answer

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

Question 4

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

Accepted Answer

The Appraisal Standards Board of The Appraisal Foundation

Answer

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

Question 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?

Accepted Answer

Disclose the relationship and recuse himself from the valuation

Answer

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

CAE - Certified Assessment Evaluator Practice Test

CAE - Certified Assessment Evaluator Practice Test

CAE Professional Standards and Ethics 2