RPA Legal & Regulatory Framework for Appraisals 4

Question 1

Under USPAP's Confidentiality section of the Ethics Rule, an appraiser may NOT disclose confidential information to:

Accepted Answer

A third party not identified as an intended user

Answer

USPAP's Ethics Rule prohibits appraisers from disclosing confidential information to parties other than the client, intended users, persons authorized by the client, or those authorized by due process of law.

Question 2

Which of the following describes the primary difference between a 'client' and an 'intended user' in a USPAP appraisal assignment?

Accepted Answer

The client is the party who engages the appraiser; intended users are those designated to use the report

Answer

Under USPAP, the client is the party who engages the appraiser, while intended users are those identified by the appraiser in the report as parties who will use the appraisal.

Question 3

An appraiser who holds a state-certified general credential may appraise federally related transactions involving residential properties:

Accepted Answer

Without restriction as to property type, complexity, or transaction value

Answer

State-certified general appraisers may appraise all types of real property, including residential properties, without restrictions on complexity or transaction value for federally related transactions.

Question 4

Under the Dodd-Frank Act's appraiser independence requirements, which of the following parties is PROHIBITED from influencing an appraiser's opinion of value?

Accepted Answer

A mortgage broker involved in the loan transaction

Answer

Dodd-Frank's appraiser independence provisions specifically prohibit loan originators, including mortgage brokers, from improperly influencing appraisers through coercion, bribery, or intimidation.

Question 5

In which of the following situations would an appraiser be required to disclose a prior service in an appraisal report under USPAP?

Accepted Answer

When the appraiser previously appraised the same property within 3 years

Answer

USPAP requires appraisers to disclose any prior services they performed on the subject property within the prior three years in the certification.

(RPA) Real Property Appraiser Certification Practice Test

(RPA) Real Property Appraiser Certification Practice Test

RPA Legal & Regulatory Framework for Appraisals 4