USPAP USPAP Ethics Rule

Question 1

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

Accepted Answer

Accepting an assignment contingent on a predetermined value

Answer

Performing an appraisal for a client who is a friend

Answer

Charging a flat fee regardless of property type

Answer

Disclosing the scope of work to the client

Question 2

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

Accepted Answer

Confidential information and assignment results from unauthorized parties

Answer

The appraiser's personal financial information

Answer

The identity of all comparable sales used

Answer

The client's credit score

Question 3

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

Accepted Answer

Conduct section

Answer

Management section

Answer

Record Keeping section

Answer

Confidentiality section

Question 4

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?

Accepted Answer

Management

Answer

Confidentiality

Answer

Record Keeping

Answer

Conduct

Question 5

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

Accepted Answer

Required by due process of law

Answer

Asked by a competing appraiser

Answer

Requested by a prospective buyer

Answer

The property has sold

Question 6

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

Accepted Answer

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

Answer

1 year from the date of the report

Answer

5 years from the date of report completion

Answer

Until the client requests destruction