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

The Conduct section of the Ethics Rule prohibits appraisers from communicating false, misleading, or fraudulent information about a property.

Question 2

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

Accepted Answer

Ethics Rule

Answer

Accepting an assignment with a predetermined value conclusion violates the Ethics Rule because it compromises independence and impartiality.

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 supervising appraiser is responsible for the work and report, even when a trainee assists in data collection or analysis.

Question 4

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

Accepted Answer

Making false or misleading statements in advertising

Answer

USPAP prohibits appraisers from making false or misleading statements in advertising or solicitation materials.

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

USPAP requires appraisers to disclose any financial interest in a property to the client before accepting an assignment involving that property.

USPAP Exam Practice Test