USPAP USPAP Ethics Rule 3

Question 1

Which of the following is NOT a section of the USPAP Ethics Rule?

Accepted Answer

Competency

Answer

Conduct

Answer

Management

Answer

Confidentiality

Question 2

Under USPAP, advertising appraisal services in a misleading manner violates which rule?

Accepted Answer

Ethics Rule — Management section

Answer

Competency Rule

Answer

Scope of Work Rule

Answer

Standards Rule 2

Question 3

An appraiser's workfile must contain enough information to:

Accepted Answer

Recreate the report and support the appraiser's opinions and conclusions

Answer

Support a higher value if challenged

Answer

List all properties inspected during the year

Answer

Prove the appraiser visited the subject property

Question 4

Which of the following would be a permissible disclosure of confidential information under the Ethics Rule?

Accepted Answer

Providing results to a state appraiser regulatory agency investigating a complaint

Answer

Sharing results with a competing appraisal firm

Answer

Posting results on a public website for transparency

Answer

Sharing with a third-party lender without client consent

Question 5

Under the USPAP Ethics Rule, independence means the appraiser must:

Accepted Answer

Be free of any interest in the property or outcome that could bias the value

Answer

Work only for bank clients

Answer

Use only one approach to value

Answer

Never perform more than one appraisal per day

Question 6

When an appraiser is also a principal in a real estate transaction involving the subject property, they are most likely violating which USPAP principle?

Accepted Answer

Independence

Answer

Competency

Answer

Record Keeping

Answer

Scope of Work