USPAP Ethics and Competency 2

Question 1

Which USPAP rule specifically prohibits an appraiser from knowingly misrepresenting property characteristics?

Accepted Answer

Ethics Rule — Conduct section

Answer

Competency Rule

Answer

Scope of Work Rule

Answer

STANDARD 1

Question 2

If an appraiser accepts an assignment with a predetermined value conclusion, which USPAP rule is violated?

Accepted Answer

Ethics Rule

Answer

Competency Rule

Answer

Scope of Work Rule

Answer

STANDARD 2

Question 3

Under USPAP, who is ultimately responsible for the contents of an appraisal report prepared with the assistance of a trainee?

Accepted Answer

The supervising appraiser

Answer

The trainee

Answer

The client

Answer

The Appraisal Foundation

Question 4

Under the Ethics Rule, which action is expressly prohibited regarding advertising?

Accepted Answer

Making false or misleading statements in advertising

Answer

Listing credentials on a website

Answer

Advertising services in multiple states

Answer

Publishing completed appraisal fees

Question 5

An appraiser who previously performed an appraisal on a property now has a financial interest in that property. What does USPAP require?

Accepted Answer

The appraiser must disclose the interest to the client before accepting any new assignment

Answer

The appraiser must withdraw from all future assignments involving the property

Answer

The appraiser must obtain an independent review

Answer

No action is required if the interest is minor

Question 6

Which statement best describes the USPAP Competency Rule's application?

Accepted Answer

It applies before and during an assignment

Answer

It applies only to appraisers with fewer than five years of experience

Answer

It applies only when state law requires competency review

Answer

It applies only to complex assignments