CMA Regulatory Standards & Ethical Practices 2

Question 1

Under USPAP, which of the following best describes a 'jurisdictional exception'?

Accepted Answer

A legal requirement that overrides a specific USPAP rule

Answer

A jurisdictional exception applies when a specific law or regulation conflicts with a USPAP requirement, allowing the appraiser to comply with the law instead.

Question 2

Which federal act primarily governs the environmental disclosure obligations relevant to mineral appraisers assessing contaminated properties?

Accepted Answer

CERCLA (Superfund)

Answer

CERCLA (Comprehensive Environmental Response, Compensation, and Liability Act) governs liability and cleanup of contaminated sites, which directly affects mineral property valuations.

Question 3

A CMA appraiser is hired by a mining company and later receives a request from a regulatory agency for the same property's appraisal file. What is the correct USPAP-compliant action?

Accepted Answer

Provide the file only with the client's consent or a valid legal order

Answer

USPAP's Confidentiality Rule requires appraiser consent from the client or a lawful legal order before disclosing confidential assignment information.

Question 4

The USPAP Competency Rule requires an appraiser who lacks knowledge for a specific assignment to:

Accepted Answer

Acquire the necessary competency before completing the assignment or disclose the limitation

Answer

USPAP requires appraisers to either acquire the necessary competency prior to completing the assignment or disclose the lack of knowledge and describe steps taken to address it.

Question 5

Which organization administers the National Uniform Licensing and Certification Examination for appraisers, including those in the minerals sector?

Accepted Answer

The Appraisal Foundation

Answer

The Appraisal Foundation, through the Appraiser Qualifications Board (AQB), sets the standards for appraiser licensing and certification examinations nationwide.

(CMA) Certified Minerals Appraiser Practice Test

(CMA) Certified Minerals Appraiser Practice Test

CMA Regulatory Standards & Ethical Practices 2