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Chapter 4 Overview of USPAP Exam Questions and Answers
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Chapter 4 Overview of USPAP Exam Questions and Answers
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Chapter 4 Overview of USPAP ExamQuestions and Answers
USPAP iiBasics ii- iiAnswers ii-As iistated iiin iiChapter ii2, iithe iiUniform iiStandards iiof
iiProfessional iiAppraisal iiPractice ii(USPAP) iiis iipromulgated iiby iithe iiAppraisal
iiStandards iiBoard ii(ASB) iiof iiThe iiAppraisal iiFoundation. iiUSPAP iiestablishes iithe
iibasic iirequirements iifor iiethics, iicompetency, iiand iiperformance iifor iiappraisers.
USPAP iiconsists iiof iiRules ii(e.g., iithe iiETHICS iiRULE, iithe iiCOMPETENCY iiRULE),
iiand iiStandards ii(STANDARDS ii1 ii- ii10) iiand iiStatements iion iiAppraisal iiStandards.
ii(Note iithat iibeginning iiwith iithe ii2016-17 iiedition iiof iiUSPAP, iiall iiof iithe iiStatements iion
iiAppraisal iiStandards iihave iibeen iiretired.)
The iibound iiUSPAP iipublication iialso iiincludes iiAdvisory iiOpinions, iiFrequently iiAsked
iiQuestions, iiand iian iiIndex. iiThese iiare iiconsidered ii"other iicommunications" iiand iiare
iinot iiconsidered iito iibe iipart iiof iiUSPAP. ii
It iiis iiassumed iithat iiTrainee iiAppraisers iiwho iiare iitaking iithis iicourse iihave iialready
iitaken iithe ii15-Hour iiNational iiUSPAP iiCourse iiand iihave iipassed iithe iiaccompanying
iiexamination, iiand iitherefore iihave iisome iifamiliarity iiwith iiUSPAP iiand iiits iistructure. ii
This iichapter iiwill iiaddress iisome iiof iithe iiUSPAP iirequirements iithat iiare iirelevant iito
iiTrainee iiAppraisers iiand iiSupervisory iiAppraisers.
The iiETHICS iiRULE ii- iiAnswers ii-The iiETHICS iiRULE iiis iione iiof iithe iifundamental
iirequirements iiwithin iiUSPAP. iiIt iiapplies iiany iitime iian iiindividual iiis iiacting iias iian
iiappraiser, iieven iiif iihe iior iishe iiis iinot iiperforming iian iiappraisal iior iian iiappraisal
iireview. ii
Example: iiAn iiappraiser iiagrees iito iispeak iion iiappraisal iiand iilocal iimarket iiissues iiat iia
iimeeting iiof iia iilocal iimortgage iibankers iigroup. iiThe iiappraiser iiwas iiasked iito iispeak iiat
iithis iimeeting iibecause iiof iiher iiidentity iiand iiexpertise iias iian iiappraiser. iiObviously, iithis
iiis iinot iian iiappraisal iior iiappraisal iireview iiassignment. iiHowever iiit iiis iistill iipart iiof
iiappraisal iipractice, iiand iithere iiare iiparts iiof iiUSPAP iithat iiapply iito iithe iiappraiser iiin
iithis iisituation; iithe iiETHICS iiRULE iiis iione iiof iithese iiparts. ii(The iiother iitwo iiparts iiof
iiUSPAP iithat iiapply iiare iithe iiCOMPETENCY iiRULE iiand iithe iiJURISDICTIONAL
iiEXCEPTION iiRULE.) iiThe iiappraiser iimust iiprovide iithis iiservice ii(i.e., iispeak iiat iithe
, iimeeting) iiin iiaccordance iiwith iithe iiethical iirequirements iiestablished iiby iithe iiETHICS
iiRULE.
Note iithat iithe iiword iiappraiser iiis iidefined iiin iiUSPAP iias:
One iiwho iiis iiexpected iito iiperform iivaluation iiservices iicompetently iiand iiin iia iimanner
iithat iiis iiindependent, iiimpartial, iiand iiobjective.
This iimeans iithat iiUSPAP iidoes iiNOT iiidentify iian iiappraiser iimerely iias iione iiwho iiholds
iian iiappraisal iicredential iifrom iia iistate iilicensing iiagency. iiSomeone iiwithout iia iistate
iicredential iicould iibe iiconsidered iian iiappraiser iiunder iiUSPAP iiif iihe iior iishe iimeets iithe
iidefinition iiabove.
USPAP iiCompliance ii- iiAnswers ii-USPAP iicompliance iiis iithe iiresponsibility iiof iithe
iiindividual iiappraiser. iiAppraisal iicompanies iido iinot iicomply iiwith iiUSPAP ii- iiappraisers
iicomply iiwith iiUSPAP.
In iia iisituation iiwhere iithe iiappraiser iiis iibound iiby iilaw iior iiregulation iito iicomply iiwith
iiUSPAP, iithe iiappraiser iiis iiresponsible iifor iimaking iisure iihe iior iishe iicomplies iiwith iithe
iiapplicable iirequirements iiof iiUSPAP.
A iiComment iito iithe iiETHICS iiRULE iistates:
This iiRule iispecifies iithe iipersonal iiobligations iiand iiresponsibilities iiof iithe iiindividual
iiappraiser. iiAn iiindividual iiappraiser iiemployed iiby iia iigroup iior iiorganization iithat
iiconducts iiitself iiin iia iimanner iithat iidoes iinot iiconform iito iiUSPAP iishould iitake iisteps
iithat iiare iiappropriate iiunder iithe iicircumstances iito iiensure iicompliance iiwith iiUSPAP.
This iimeans iithat iiif iithe iiTrainee iiAppraiser's iiemploying iiappraiser iior iicompany
iipolicies iido iinot iicomply iiwith iiUSPAP, iithe iiTrainee iiAppraiser iineeds iito iitake
iiwhatever iisteps iiare iinecessary iito iiensure iicompliance iiwith iiUSPAP.
The iiETHICS iiRULE: iiConduct iiSection ii- iiAnswers ii-Most iiof iithe iiConduct iisection iiof
iithe iiETHICS iiRULE iiis iimade iiup iiof iiprohibitions iiand iiexhortations. iiProhibitions iiare
iiconduct iior iiactions iithat iimust iibe iiavoided, iie.g., ii"An iiappraiser iimust iinot iiperform iian
iiassignment iiwith iibias." ii[Emphasis iiadded] iiExhortations iiare iiconduct iithat iiis
iiencouraged, iie.g., ii"An iiappraiser iimust iiperform iiassignments iiwith iiimpartiality,
iiobjectivity, iiand iiindependence, iiand iiwithout iiaccommodation iiof iipersonal iiinterests."
One iiof iithe iiprohibitions iispecified iiin iithe iiETHICS iiRULE iiis ii"An iiappraiser iimust iinot
iiknowingly iipermit iian iiemployee iior iiother iiperson iito iicommunicate iia iireport iior
iiassignment iiresults iithat iiare iimisleading iior iifraudulent." iiHence, iia iiSupervisory
iiAppraiser iiwho iiknowingly iiallows iia iiTrainee iiAppraiser iito iicommunicate iia iimisleading
iireport iihas iiviolated iithe iiETHICS iiRULE. iiLikewise, iia iiTrainee iiAppraiser iiwho
iiknowingly iiallows iia iiSupervisory iiAppraiser iito iicommunicate iia iimisleading iireport iihas
iialso iiviolated iithe iiETHICS iiRULE.
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