Into which four sections is the 2024 USPAP Ethics Rule divided?
Correct Answer
C) Nondiscrimination, Conduct, Management and Confidentiality
The 2024 Ethics Rule has four sections: Nondiscrimination, Conduct, Management and Confidentiality. Competency, Scope of Work, Record Keeping and Jurisdictional Exception are separate rules.
Why This Is the Correct Answer
Option C is correct because the 2024 Ethics Rule states that it is divided into four sections: Nondiscrimination, Conduct, Management, and Confidentiality. These four sections apply to all appraisal practice. No other option lists exactly these four.
Why the Other Options Are Wrong
Option A: Competency, Scope of Work, Record Keeping and Jurisdictional Exception
Option A lists Competency, Scope of Work, Record Keeping and Jurisdictional Exception, which are separate USPAP rules, not sections of the Ethics Rule.
Option B: Development, Reporting, Review and Mass Appraisal
Option B lists Development, Reporting, Review and Mass Appraisal, which describe the subject matter of the numbered Standards, not the sections of the Ethics Rule.
Option D: Conduct, Management, Confidentiality and Record Keeping
Option D, Conduct, Management, Confidentiality and Record Keeping, leaves out Nondiscrimination and adds Record Keeping, which is a separate rule, so it does not match the 2024 Ethics Rule.
N-C-M-C ethical appraiser
Nondiscrimination, Conduct, Management, Confidentiality: picture an ethical appraiser who shows No bias, Conducts herself well, Manages her business honestly and keeps Confidences.
How to use: Use N-C-M-C to recall the four Ethics Rule sections and reject any list that includes Record Keeping or Competency.
Exam Tip
If an answer list includes the name of another USPAP rule such as Record Keeping or Competency, it is describing other rules, not the Ethics Rule sections.
Common Mistakes to Avoid
- -Including Record Keeping as a section of the Ethics Rule
- -Leaving Nondiscrimination out of the list of Ethics Rule sections
- -Confusing USPAP rules with the subject matter of the Standards
Concept Deep Dive
Analysis
This question tests whether you know the internal structure of the 2024 USPAP Ethics Rule. The distractors mix in names of other USPAP rules and of the Standards themselves. The key is to remember that the Ethics Rule's four sections are Nondiscrimination, Conduct, Management and Confidentiality.
Background Knowledge
The Ethics Rule sets out the appraiser's obligations regarding integrity, impartiality, objectivity and the handling of confidential information. In the 2024 edition it is divided into Nondiscrimination, Conduct, Management and Confidentiality. Record Keeping, Competency, Scope of Work and Jurisdictional Exception are stand-alone rules.
Real-World Application
An appraiser preparing for a continuing-education quiz on the 2024 USPAP reviews the Ethics Rule. She notes that nondiscrimination obligations sit in their own Nondiscrimination section, separate from Conduct, Management and Confidentiality.
More USPAP Questions
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Under 2024 USPAP Standard 1, which listed assignment element must be identified in developing a real property appraisal?
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According to USPAP, what is the primary purpose of the Ethics Rule?
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Which list gives the sections of the 2024 USPAP Ethics Rule?
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