McKissock USPAP QUESTIONS AND ANSWERS

What does the ethics rule establish? CORRECT ANSWERS: Establishes fundamental obligations of an appraiser as part of the profession Ethics Rule CORRECT ANSWERS: An appraiser must promote and preserve the public trust inherent in professional appraisal practice by observing the highest standards of professional ethics. Requirements of the ethics rule CORRECT ANSWERS: An Appraiser Must: -Not misrepresent his or her role when providing valuation services that are outside of appraisal practice -Certify compliance with USPAP -Communicate in a manner that is not misleading Who does the ethics rule apply to? CORRECT ANSWERS: Individual Appraisers Sections of Ethics Rule CORRECT ANSWERS: -Conduct -Management -Confidentiality Activities Covered by the Ethics Rule CORRECT ANSWERS: -General Conduct -Development -Communication Conduct Section of Ethics Rule CORRECT ANSWERS: -Appraiser must perform ethically and competently -Appraiser must perform in accordance with USPAP -Appraiser must not engage in criminal conduct -Appraiser must NOT willfully or knowingly violate the requirements of the record keeping rule Conduct Section of Ethics Rule States CORRECT ANSWERS: If known prior to accepting an assignment, an/or if discovered at any time during the assignment, an appraiser must disclose to the client, and in each subsequent report certification Number of years required for disclosure CORRECT ANSWERS: 3 years Payment of Fees in Ethics Rule CORRECT ANSWERS: An appraiser must disclose that he or she paid a fee or commission, or gave a thing of value in connection with the procurement of an assignment Confidentiality Section of ethics rule CORRECT ANSWERS: States that an appraiser must protect the confidential nature of the ap