USPAP USPAP Ethics Rule 2

Question 1

Which of the following best describes 'impartiality' as required by the USPAP Ethics Rule?

Accepted Answer

Having no personal interest in the outcome of an assignment

Answer

Using only one appraisal approach

Answer

Charging the same fee to all clients

Answer

Using the same comparable sales for all assignments

Question 2

Under the Ethics Rule, an appraiser who misrepresents their qualifications in a report is violating which section?

Accepted Answer

Conduct

Answer

Confidentiality

Answer

Management

Answer

Record Keeping

Question 3

An appraiser accepts a real estate listing assignment from the same client for whom they performed an appraisal. Which USPAP principle is at risk?

Accepted Answer

Independence

Answer

Competency

Answer

Scope of Work

Answer

Record Keeping

Question 4

The Ethics Rule's Management section specifically prohibits appraisers from:

Accepted Answer

Accepting contingent compensation based on reported value

Answer

Using three approaches to value

Answer

Disclosing the intended use to the client

Answer

Conducting exterior-only inspections

Question 5

Which statement about the USPAP Ethics Rule and third-party requests for workfiles is correct?

Accepted Answer

Appraisers may provide workfiles to peer reviewers without client consent if required by law

Answer

Appraisers must provide workfiles to any requesting party

Answer

Workfiles may be shared freely once the assignment is complete

Answer

Clients have no right to access workfiles

Question 6

An appraiser discovers that a prior appraisal they completed contains a material error. Under the Ethics Rule, the appraiser should:

Accepted Answer

Notify the client and correct the error

Answer

Destroy the prior workfile to avoid liability

Answer

Ignore it unless the client complains

Answer

Charge an additional fee to issue a corrected report