USPAP Ethics Rule Flashcards

Under the USPAP Ethics Rule, which of the following actions is considered a violation of the Conduct section?

Answer: Accepting an assignment contingent on a predetermined value

The Ethics Rule prohibits appraisers from accepting assignments with compensation contingent on a predetermined value or direction in value.

The Confidentiality section of the USPAP Ethics Rule requires appraisers to protect:

Answer: Confidential information and assignment results from unauthorized parties

The Confidentiality section obligates appraisers to protect confidential information and assignment results from unauthorized disclosure.

Which USPAP Ethics Rule section addresses an appraiser's obligation to avoid false or misleading reports?

Answer: Conduct section

The Conduct section of the Ethics Rule prohibits appraisers from communicating assignment results in a misleading or fraudulent manner.

Under USPAP, an appraiser who pays a referral fee to a real estate agent for appraisal assignments is violating which section of the Ethics Rule?

Answer: Management

The Management section of the Ethics Rule prohibits paying undisclosed fees, commissions, or kickbacks to obtain appraisal assignments.

According to the Ethics Rule, an appraiser may share confidential assignment results WITHOUT violating USPAP when:

Answer: Required by due process of law

USPAP allows disclosure of confidential information when required by due process of law or with client permission.

The Record Keeping section of the USPAP Ethics Rule requires appraisers to retain their workfile for a minimum of:

Answer: 3 years from the date of the report or 2 years after final disposition of any judicial proceeding

USPAP requires workfiles to be retained for at least 5 years after preparation or at least 2 years after final disposition of any judicial proceeding, whichever is longer.