USPAP USPAP Ethics Rule 3

Question 1

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

Accepted Answer

Competency

Answer

The Ethics Rule has four sections: Conduct, Management, Confidentiality, and Record Keeping; Competency is a separate USPAP rule.

Question 2

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

Accepted Answer

Ethics Rule — Management section

Answer

The Management section of the Ethics Rule prohibits appraisers from advertising services in a false, misleading, or exaggerated manner.

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

USPAP requires workfiles to contain sufficient information to allow another appraiser to recreate the report and support the opinions and conclusions.

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

USPAP permits disclosure to state appraiser regulatory agencies as part of their investigative or disciplinary process.

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

Independence requires the appraiser to be free of any personal interest in the property, transaction, or parties that could influence the value conclusion.

USPAP Exam Practice Test

USPAP Exam Practice Test

USPAP USPAP Ethics Rule 3