Ethical appraisal practice (BLUE)

Question 1

Appraisers have an obligation to

Answer 1

protect public trust as they perform valuation services for their clients.

Question 2

Appraisers must develop their work and communicate their work in a manner that is

Answer 2

meaningful and does misrepresent their services to intended users.

Question 3

An appraiser must perform the work by being

Answer 3

 Impartial or neutral
 Objective or fair minded
 Independent or autonomous
 Free of self interest

Question 4

An appraiser must not influence or promote the

Answer 4

goal of any person or group.

Question 5

Identification of the problem (6 elements)

Answer 5

o Client and any other intended users
o Intended use
o Type and definition of value
o Effective date of the value’s opinions and conclusions
o Subject of the assignment and tis relevant characteristics
o Assignment conditions

Question 6

Sufficient diligence (3) appraiser must:

Answer 6

o Be aware of and understand methods
o Not commit a substantial error of omission
o Render a careless and negligent appraisal