FREE SRA USPAP Compliance & Ethical Standards Questions and Answers

Question 1

What is the primary purpose of USPAP in real estate appraisal?

Accepted Answer

To ensure consistency and integrity in appraisal practice

Answer

To provide guidelines for real estate sales

Answer

To create licensing exams for appraisers

Answer

To define zoning laws and property use

Question 2

According to USPAP, what must an appraiser do if faced with an assignment involving a conflict of interest?

Accepted Answer

Disclose the conflict and determine if impartiality can be maintained

Answer

Proceed without disclosing the conflict

Answer

Ignore the conflict and rely on professional judgment

Answer

Transfer the assignment to a supervisor

Question 3

What is a key requirement of the Ethics Rule in USPAP?

Accepted Answer

To act with integrity and impartiality

Answer

To complete all assignments within 24 hours

Answer

To offer discounts for frequent clients

Answer

To report appraisal results verbally

Question 4

How long must an appraiser retain workfiles according to USPAP?

Accepted Answer

3 years

Answer

1 year

Answer

2 years

Answer

Indefinitely

Question 5

What should an appraiser do if a client pressures them to inflate a property's value?

Accepted Answer

Withdraw from the assignment and report if necessary

Answer

Inflate the value to satisfy the client

Answer

Negotiate a higher fee for the favor

Answer

Ignore the request and proceed silently