Ethics and Competency Flashcards

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

Answer: Ethics Rule — Conduct section

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

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

Answer: Ethics Rule

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

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

Answer: The supervising appraiser

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

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

Answer: Making false or misleading statements in advertising

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

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

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

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

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

Answer: It applies before and during an assignment

The Competency Rule applies both before accepting and throughout the completion of an assignment, requiring ongoing competency.