CGA CGA Appraisal Standards & Ethics

Question 1

Which document establishes the minimum standards of professional appraisal practice in the United States?

Accepted Answer

Uniform Standards of Professional Appraisal Practice (USPAP)

Answer

International Valuation Standards (IVS)

Answer

Appraisal Foundation Guidelines (AFG)

Answer

Federal Appraisal Compliance Code (FACC)

Question 2

Under USPAP, what is the primary purpose of the Competency Rule?

Accepted Answer

To ensure appraisers possess the knowledge and experience required to complete an assignment competently

Answer

To require appraisers to pass additional licensing exams before each assignment

Answer

To mandate appraisers work only within their home state

Answer

To restrict appraisers from accepting complex assignments

Question 3

Which USPAP rule prohibits an appraiser from accepting an assignment when the fee is contingent upon a predetermined value conclusion?

Accepted Answer

Ethics Rule

Answer

Competency Rule

Answer

Scope of Work Rule

Answer

Record Keeping Rule

Question 4

Under USPAP, how long must an appraiser retain work files for a federally related transaction?

Accepted Answer

At least 5 years after the date of the report or 2 years after final disposition of any judicial proceeding

Answer

At least 3 years after the date of preparation

Answer

At least 7 years after the assignment is completed

Answer

At least 1 year after the client receives the report

Question 5

What is a 'Restricted Appraisal Report' under USPAP?

Accepted Answer

A report with limited content intended for use only by the client

Answer

A report that restricts the appraiser's access to the property

Answer

A preliminary appraisal report used for internal bank review only

Answer

A report prepared for properties under legal dispute

Question 6

Which USPAP standard governs the development of a real property appraisal?

Accepted Answer

Standard 1

Answer

Standard 2

Answer

Standard 3

Answer

Standard 6