Before accepting an assignment, what must an appraiser disclose about prior services on the subject property?
Correct Answer
D) Any services on that property in the prior three years
Why this is correct: USPAP's Ethics Rule requires disclosure of any services performed on the subject property in the prior three years before accepting an assignment, to assess independence. Why the other choices are wrong: "Any inspection carried out in the last twelve months" is too narrow; the rule covers three years. "Any services performed for the current lender only" is incorrect; it applies to all prior services. "Any valuation prepared for a government agency" is too specific; the rule covers any service. Exam tip: Disclose prior services within three years before acceptance; it's an independence safeguard.
Why This Is the Correct Answer
Why this is correct: USPAP's Ethics Rule requires disclosure of any services performed on the subject property in the prior three years before accepting an assignment, to assess independence. Why the other choices are wrong: "Any inspection carried out in the last twelve months" is too narrow; the rule covers three years. "Any services performed for the current lender only" is incorrect; it applies to all prior services. "Any valuation prepared for a government agency" is too specific; the rule covers any service. Exam tip: Disclose prior services within three years before acceptance; it's an independence safeguard.
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