Standards Rule 1-1 requires an appraiser to avoid:
Correct Answer
B) A substantial error of omission or commission affecting the result
Why this is correct: Standards Rule 1-1(a) requires an appraiser to be competent and avoid errors that would significantly affect the appraisal's credibility. A 'substantial error of omission or commission' is a direct violation of this core competency rule. Why the other choices are wrong: 'Using more than three comparable sales in any grid' is wrong; there is no USPAP limit on the number of comparables. 'Consulting any published cost service during the analysis phase' is wrong; using cost services is a recognized method and is permitted. 'Developing more than one approach to value' is wrong; SR 1-4 may require only one approach for credible results. Exam tip: SR 1-1 is the foundation—it's about competence and avoiding significant errors.
Why This Is the Correct Answer
Why this is correct: Standards Rule 1-1(a) requires an appraiser to be competent and avoid errors that would significantly affect the appraisal's credibility. A 'substantial error of omission or commission' is a direct violation of this core competency rule. Why the other choices are wrong: 'Using more than three comparable sales in any grid' is wrong; there is no USPAP limit on the number of comparables. 'Consulting any published cost service during the analysis phase' is wrong; using cost services is a recognized method and is permitted. 'Developing more than one approach to value' is wrong; SR 1-4 may require only one approach for credible results. Exam tip: SR 1-1 is the foundation—it's about competence and avoiding significant errors.
More USPAP Questions
Which statement best defines a hypothetical condition under USPAP?
According to the Competency Rule, if an appraiser lacks the knowledge and experience to complete an assignment competently, which action is NOT acceptable?
An appraiser runs only the sales comparison approach on a standard tract home and omits the cost and income approaches. Under Standard 1 this is:
A value opinion for a subdivision as if fully built out two years from now is what kind of assignment, and what does it require?
A hypothetical condition differs from an extraordinary assumption in that a hypothetical condition:
An appraiser must disclose in the certification whether they have:
A client-imposed requirement — 'use only comps from our approved list' — is best described as:
Under Standard 1, when developing a real property appraisal, an appraiser must:
The certification required by Standards Rule 2-3 must be signed by:
According to Standard 1, when developing an opinion of market value, an appraiser must analyze:
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