Which list gives the sections of the 2024 USPAP Ethics Rule?
Correct Answer
A) Nondiscrimination, Conduct, Management and Confidentiality.
The 2024 Ethics Rule has a Nondiscrimination section in addition to Conduct, Management and Confidentiality. A three-section mnemonic from an older edition is incomplete for the current standard. Competency, Record Keeping, Scope of Work and Jurisdictional Exception are separate USPAP rules, and development or reporting standards are not sections of the Ethics Rule.
Why This Is the Correct Answer
Option A is correct because the 2024 USPAP Ethics Rule lists Nondiscrimination, Conduct, Management, and Confidentiality, which apply to all appraisal practice. Option A names all four sections. A list without Nondiscrimination is incomplete for the 2024 edition.
Why the Other Options Are Wrong
Option B: Conduct, Management and Confidentiality only.
Option B lists Conduct, Management and Confidentiality only. That three-section list leaves out the Nondiscrimination section that is part of the 2024 Ethics Rule.
Option C: Competency, Record Keeping, Scope of Work and Jurisdiction.
Option C lists Competency, Record Keeping, Scope of Work and Jurisdiction. These are separate USPAP rules, such as the Competency Rule and the Jurisdictional Exception Rule, not sections of the Ethics Rule.
Option D: Development, Reporting, Review and Mass Appraisal.
Option D lists Development, Reporting, Review and Mass Appraisal. Those describe Standards and types of work in USPAP, not sections of the Ethics Rule.
N-C-M-C in 2024
The 2024 Ethics Rule starts with Nondiscrimination, then Conduct, Management and Confidentiality. Older three-section memory aids are missing the N.
How to use: Use this when a question asks for the sections of the current Ethics Rule.
Exam Tip
Check that the edition in the stem matches your list; the 2024 Ethics Rule has four sections, not three.
Common Mistakes to Avoid
- -Using an older three-section list for the 2024 edition
- -Listing other USPAP rules as Ethics Rule sections
- -Confusing Standards with sections of the Ethics Rule
Concept Deep Dive
Analysis
This question tests the sections of the 2024 USPAP Ethics Rule. The 2024 edition includes a Nondiscrimination section along with Conduct, Management and Confidentiality. Watch for the older three-section list and for lists that name other USPAP rules or Standards.
Background Knowledge
The Ethics Rule sets requirements for integrity, impartiality, objectivity, independent judgment and ethical conduct. In the 2024 edition it has four sections: Nondiscrimination, Conduct, Management and Confidentiality. These apply to all appraisal practice.
Real-World Application
A long-time appraiser studying for a continuing education exam remembers the Ethics Rule as having three parts. Reviewing the 2024 edition, the appraiser sees the Nondiscrimination section. Updating that memory avoids missing an exam question and reflects current practice obligations.
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