Practice Test Geeks(ARA) Accredited Rural Appraiser Practice Test
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Professional Standards & Competencies Flashcards

7 cards from real ARA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Professional Standards & Competencies flashcards as text

  1. A rural appraiser is pressured by a lender client to 'hit the number' needed for a loan to close. The correct response under USPAP is to:

    Answer: Withdraw from the assignment and document the situation

    Capitulating to pressure to reach a predetermined value violates USPAP's Ethics Rule; the appraiser should withdraw and document the coercion attempt.

  2. When an appraiser uses the term 'as-is market value' on a farm appraisal, it refers to:

    Answer: The value of the property in its current physical and legal condition on the effective date

    As-is market value reflects the property's current physical condition, use, and zoning as of the appraisal's effective date.

  3. For USPAP compliance, which of the following must always be included in an Appraisal Report (non-restricted)?

    Answer: The identity of the client and any intended users

    USPAP Standards Rule 2-2 requires identification of the client and any intended users in every Appraisal Report.

  4. Under the ASFMRA's professional standards, continuing education is required primarily to ensure that members:

    Answer: Stay current with evolving practices, regulations, and market conditions

    Continuing education requirements exist to keep professionals current with changing market conditions, laws, and valuation methodologies.

  5. An appraiser who reviews and signs another appraiser's work as a supervisory appraiser accepts responsibility for:

    Answer: The entire appraisal report and its conclusions

    A supervisory appraiser who signs an appraisal report accepts full responsibility for the report's content, analysis, and conclusions.

  6. The concept of 'reasonable exposure time' in a rural appraisal refers to:

    Answer: The time needed to market a property before it sells at market value

    Reasonable exposure time is the estimated period a property would need to be marketed to achieve a sale at market value under prevailing market conditions.

  7. Which of the following actions by an appraiser is considered a USPAP violation under the Conduct section of the Ethics Rule?

    Answer: Accepting a contingent fee based on the value conclusion

    Accepting compensation contingent on the value conclusion is explicitly prohibited under USPAP's Ethics Rule Conduct section.