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USPAP CHAPTER 4 COMPLETE GUIDE SOLUTION Q&A in appraisal practice, advocating the cause or interest of any party or issue is: - Correct Answer-not permitted the ethical obligations of USPAP apply to: - Correct Answer-Individual appraisers T/F: bias is permitted in an appraisal as long as the bias is clearly disclosed in the report - Correct Answer-false an appraiser must disclose any service he or she provided regarding the subject property for a period of _ prior to agreeing to perform the assignment - Correct Answer-three years an appraiser is disclosing to a client the fact that she had previously appraised the subject property within the prior three years. when making this disclosure, the appraiser must be careful to: - Correct Answer-not disclose confidential information from the previous assignment an appraiser has been asked to complete an appraisal assignment. the fee is to be paid only if the loan closes. according to USPAP, may the appraiser accept the assignment under these conditions? - Correct Answer-no, the fee arrangement is an unethical contingency arrangement and violates the ETHICS RULE in a real property appraisal assignment prepared for a mortgage lender, an appraiser is permitted by USPAP to base his compensation for an appraisal assignment on: - Correct Answer-whether or not the report is transmitted to the client by the due date the confidentiality section of the ethics rule prohibits an appraiser from disclosing confidential information or _ to unauthorized parties - Correct Answer-assignment results in most cases, an appraiser may share _ from an appraisal assignment with other appraisers without obtaining the client's consent - Correct Answer-physical characteristics An appraiser concludes that a subject property has functional inadequacies. This conclusion is: - Correct Answer-an assignment result and. must be treated as confidential an appraiser completes an appraisal and transmits the report to the client. the report copy retained in the appraiser's workfile does not have a signature affixed to it. is this permissible under USPAP? - Correct Answer-no, a true copy must include a signature Is an appraiser permitted by USPAP to create a workfile after transmitting the report to the client? - Correct Answer-no An appraiser prepared an appraisal report in April 2019. He testified in court regarding the value of the property in January 2020. The decision was rendered. in February 2020 and was appealed in April 2020. The appellate court heard the case in January 2021 and remanded the case for reconsideration by the lower court. Final disposition of the case occurred in September 2021. At a minimum, how long must the appraiser retain his workfile? - Correct Answer-april 2024 
