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
An appraiser discovers after issuing a report that a significant error was made in the analysis. Under USPAP, the appraiser should:
Answer: Issue a corrected report and notify the client
USPAP requires appraisers to correct errors in reports and notify clients; ignoring known errors violates ethical and reporting standards.
In rural appraisal, the term 'scope of work' is determined by:
Answer: The appraiser, with input from the client, based on the intended use and users
The appraiser determines the appropriate scope of work based on the assignment's intended use, intended users, and the problem to be solved.
What does USPAP require when an appraiser has performed a prior service (e.g., a prior appraisal) on the subject property?
Answer: Disclosure of the prior service in the new assignment's certification
USPAP requires appraisers to disclose prior services performed on the subject property within the current assignment's certification.
An ARA appraiser is asked to provide a 'desk review' of a rural property appraisal without inspecting the property or conducting independent research. This assignment is best described as:
Answer: An appraisal review assignment governed by USPAP Standard 3
Reviewing another appraiser's work product is an appraisal review assignment governed by USPAP Standard 3 and its reporting standard.
Professional liability in rural appraisal practice is primarily managed through:
Answer: Carrying errors and omissions (E&O) insurance and maintaining thorough workfiles
E&O insurance and comprehensive workfiles are the primary professional risk management tools for appraisers facing liability claims.
When a rural appraiser develops a 'restricted appraisal report,' who may be the intended user of that report?
Answer: Only the client
A restricted appraisal report is limited to use by the client only; it cannot be shared with or relied upon by other parties.
Which of the following scenarios would require an ARA appraiser to invoke the USPAP Competency Rule?
Answer: Appraising a vineyard in a wine region where they have no prior experience
Accepting an assignment involving an unfamiliar property type (like a vineyard) triggers the Competency Rule, requiring the appraiser to acquire necessary knowledge before completing the assignment.