The Ethics Rule is divided into which sections?
Correct Answer
A) Conduct, management, confidentiality
Why this is correct: The Ethics Rule is organized into three main sections: Conduct (impartiality, honesty), Management (fees, advertising, referrals), and Confidentiality (protecting client and assignment information). Why the other choices are wrong: 'Development, reporting, review' is wrong because these are the main sections of the Standards Rules (Standards 1-10), not the Ethics Rule. 'Competency, scope, jurisdiction' is wrong because Competency is a separate rule, and scope/jurisdiction are not sections of the Ethics Rule. 'Ethics, standards, advisory opinions' is wrong because this describes parts of USPAP as a whole, not the internal structure of the Ethics Rule. Exam tip: Use the acronym CMC to remember the Ethics Rule sections: Conduct, Management, Confidentiality.
Why This Is the Correct Answer
Why this is correct: The Ethics Rule is organized into three main sections: Conduct (impartiality, honesty), Management (fees, advertising, referrals), and Confidentiality (protecting client and assignment information). Why the other choices are wrong: 'Development, reporting, review' is wrong because these are the main sections of the Standards Rules (Standards 1-10), not the Ethics Rule. 'Competency, scope, jurisdiction' is wrong because Competency is a separate rule, and scope/jurisdiction are not sections of the Ethics Rule. 'Ethics, standards, advisory opinions' is wrong because this describes parts of USPAP as a whole, not the internal structure of the Ethics Rule. Exam tip: Use the acronym CMC to remember the Ethics Rule sections: Conduct, Management, Confidentiality.
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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