USPAP Ch 2 Quiz Flashcards
The PREAMBLE states that USPAP intended to benefit:
Appraisers and users of appraisal services
When obligated by law or regulation, an appraiser _______ comply with USPAP.
Must
To which property types does USPAP apply?
Both tangible and intangible property
What is the stated purpose of USPAP?
Promote and maintain a high level of public trust in appraisal practice
When performing valuation services outside of appraisal practice, an individual must be careful not to __________ the client and other intended users about his or her role.
Mislead
USPAP states that in a situation when an individual is not required by law, regulation, or agreement to comply with USPAP:
The individual should still comply when he or she is acting as an appraiser
A valuation service that is premised upon advocacy:
It cannot be performed by an individual acting as an appraiser. If a valuation service is premised on advocacy or compensation arrangements that are contrary to the ETHICS RULE, the valuation service is not consistent with the objectives of USPAP and cannot be performed by the individual acting as an appraiser.
The requirement for USPAP compliance in an appraisal assignment could be the result of:
Agreement with the client, Law or regulation, Voluntary choice by the appraiser
An appraiser has the professional responsibility to identify the capacity in which he or she is performing.
TRUE
