Professional Standards & Ethics Flashcards
7 cards from real CAR 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 & Ethics flashcards as text
The Appraisal Institute's Standard of Professional Practice most closely parallels which USPAP component for review appraisers?
Answer: The Ethics Rule
The AI's Standards of Professional Practice address member conduct, integrity, and ethical behavior, which most closely parallels USPAP's Ethics Rule governing reviewer conduct.
A review appraiser is asked to review an appraisal of a specialized industrial facility they have never appraised or reviewed before. Under the Competency Rule, the reviewer must:
Answer: Disclose the lack of competency, take steps to acquire it, and describe those steps in the report
The Competency Rule allows reviewers to accept assignments requiring competency they lack, provided they disclose the limitation, take steps to become competent, and describe those steps in the report.
Under USPAP Standard 3, when a review appraiser develops their own value opinion as part of the review, this opinion is subject to:
Answer: USPAP Standards 1 and 2 requirements in addition to Standard 3
If a reviewer develops their own value opinion within a review assignment, USPAP requires compliance with Standards 1 and 2 for that value development in addition to Standard 3.
Which statement best describes the ethical obligation of a review appraiser regarding 'management pressure'?
Answer: Management pressure to alter a review conclusion must be resisted and may require withdrawal
USPAP prohibits altering review conclusions based on management or supervisory pressure; reviewers must resist such pressure and may need to withdraw if integrity cannot be maintained.
A CAR candidate reviewing an appraisal notices the original appraiser omitted a required USPAP certification statement. The reviewer should:
Answer: Note the omission as a USPAP deficiency in the review report
The reviewer's role is to identify and document deficiencies including missing required certifications, not to add or correct them on the original appraiser's behalf.
When an appraisal reviewer accepts an assignment, they implicitly agree to:
Answer: Maintain objectivity and comply with applicable professional standards
Accepting an appraisal review assignment obligates the reviewer to maintain objectivity, independence, and full compliance with USPAP and applicable professional standards.
Under AI's Code of Professional Ethics, a Designated member who knowingly submits a false appraisal review report could face which consequence?
Answer: Suspension or revocation of AI membership and designation
Knowingly submitting false or misleading appraisal review work is a serious ethics violation that can result in suspension or permanent revocation of AI membership and professional designations.