Chapter 4 Overview of USPAP Flashcards
This rule is one of the fundamental requirements within USPAP.
Ethics Rule
One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.
Appraiser
The ETHICS RULE requires an appraiser to disclose:
The ETHICS RULE requires an appraiser to disclose:
If the assignment is not an appraisal or appraisal review assignment, a signed certification in the report is
not necessary
Trainee Tom asks Appraiser Anne for access to a workfile for an assignment on which he had provided assistance to her. He is required to submit the report and workfile to the state appraisal regulatory agency as part of an experience audit. Anne does not want to provide access to this information. Which statement is TRUE regarding this situation?
Anne may deny access to the workfile at her discretion.
If Anne provides Tom access to the workfile, she will violate the Confidentiality section of the ETHICS RULE.
Anne must provide access to the workfile in this situation.
Tom was required to maintain his own copy of the workfile, and should have done so.
Anne must provide access to the workfile in this situation.
An appraiser does not have the competency to perform an appraisal assignment and does not wish to acquire the competency. What does USPAP require the appraiser to do in this situation?
Delegate the assignment to a Trainee Appraiser
Decline the assignment
Find another appraiser who does have the competency
Inform the client that he or she intends to complete the assignment without having or acquiring competency
Decline the assignment
When a Trainee Appraiser and a Supervisory Appraiser work together on an assignment, which one must retain custody of the workfile?
The Trainee Appraiser
The Supervisory Appraiser
They each must have separate copies of the workfile
Either, but one must take responsibility
Either, but one must take responsibility
A Supervisory Appraiser denies a Trainee Appraiser’s ability to access workfiles for appraisals on which the Trainee assisted, when the trainee has been asked to submit reports to the state appraisal regulatory agency. What part of USPAP has the Supervisory Appraiser violated? The COMPETENCY RULE The RECORD KEEPING RULE STANDARD 1 No part of USPAP has been violated
The RECORD KEEPING RULE
The SCOPE OF WORK RULE governs what aspect of an appraisal assignment?
Competency
Reporting
Development
None, because it does not apply to appraisal
Development
The SCOPE OF WORK RULE applies in:
Appraisal assignments only
Appraisal or appraisal review assignments only
Mass appraisal assignments only
All assignments that an individual performs as an appraiser
Appraisal or appraisal review assignments only
STANDARD 1 establishes
the performance standards for developing a real property appraisal.
STANDARD 2 establishes the performance standards for
reporting
