Confidential information under USPAP includes:
Correct Answer
B) Client-identified confidential information and assignment results
Why this is correct: USPAP defines confidential information to include (1) information the client specifically identifies as confidential, and (2) assignment results (e.g., the appraiser's opinions and conclusions) themselves, which cannot be disclosed to anyone other than the client and certain specifically authorized parties without client permission. Why the other choices are wrong: Not every single fact learned is confidential; only the defined categories are. Confidentiality is not limited to written communications or information marked in writing; it can be oral and is defined by the nature of the information. Exam tip: Confidential info = what the client says is secret + your appraisal results. Protect both.
Why This Is the Correct Answer
Why this is correct: USPAP defines confidential information to include (1) information the client specifically identifies as confidential, and (2) assignment results (e.g., the appraiser's opinions and conclusions) themselves, which cannot be disclosed to anyone other than the client and certain specifically authorized parties without client permission. Why the other choices are wrong: Not every single fact learned is confidential; only the defined categories are. Confidentiality is not limited to written communications or information marked in writing; it can be oral and is defined by the nature of the information. Exam tip: Confidential info = what the client says is secret + your appraisal results. Protect both.
More USPAP Questions
Which type of appraisal report may contain the appraiser's analyses, opinions, and conclusions but is intended for use by the client only?
How long must an appraiser retain the workfile for an appraisal assignment under USPAP?
If an appraiser uses a hypothetical condition that the subject property is 10% larger than it actually is, this must be:
Under Standard 1, when developing a real property appraisal, an appraiser must:
An appraiser accepts an assignment to appraise a specialized industrial property but has never appraised this property type before. To comply with the Competency Rule, the appraiser:
According to the Scope of Work Rule, the scope of work must be appropriate to the:
According to Standard 1, when developing an opinion of market value, an appraiser must analyze:
A lender emails: 'We need at least $450,000 to make this loan work — can you take the assignment?' Accepting on that basis is:
An appraiser is developing an opinion of market value for a 20-unit apartment building. The appraiser finds three comparable sales with the following information: Sale 1: 18 units, sold for $1,800,000; Sale 2: 22 units, sold for $2,200,000; Sale 3: 24 units, sold for $2,280,000. What is the average price per unit for these comparables?
In developing a scope of work, an appraiser must consider all of the following factors EXCEPT:
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