USPAP Ethics and Competency

Question 1

Under USPAP's Ethics Rule, which obligation must an appraiser fulfill to maintain independence?

Accepted Answer

Perform assignments without advocacy for any party

Answer

Disclose all fees to the client

Answer

Obtain state certification in every jurisdiction

Answer

Submit reports to a review appraiser

Question 2

Which section of the USPAP Ethics Rule addresses receiving and paying fees?

Accepted Answer

Management section

Answer

Conduct section

Answer

Confidentiality section

Answer

Record Keeping section

Question 3

An appraiser who lacks the knowledge and experience to complete an assignment competently must do which of the following?

Accepted Answer

Disclose the lack of competency, take steps to acquire competency, or associate with a competent appraiser

Answer

Decline the assignment immediately

Answer

Complete the assignment and note limitations in the report

Answer

Request peer review before accepting

Question 4

Under the Confidentiality section of the Ethics Rule, an appraiser may NOT disclose confidential information without client permission EXCEPT to:

Accepted Answer

State enforcement agencies when legally required

Answer

Another potential client

Answer

A party paying a referral fee

Answer

The property owner

Question 5

Which of the following would be considered a violation of the Ethics Rule's Conduct section?

Accepted Answer

Accepting an assignment with a contingent fee based on the outcome

Answer

Using a trainee to assist with fieldwork

Answer

Disclosing the scope of work to the client

Answer

Including comparable sales in the report

Question 6

How long must an appraiser retain work files under the USPAP Record Keeping Rule after the date of the report?

Accepted Answer

5 years

Answer

1 year

Answer

3 years

Answer

7 years