Uniform Standards of Professional Appraisal Practice (USPAP) Practice Exam

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Get ready for the Uniform Standards of Professional Appraisal Practice (USPAP) Exam. Study with comprehensive quizzes and detailed explanations, ensuring you're prepared for success!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What is the primary obligation of the appraiser when approached by a borrower?

To accept all requests for appraisals.
To consider accepting an engagement only if the lender has not contacted them.
To inform the borrower of the lender's engagement.
To immediately begin the appraisal without formal engagement.

The correct answer is: To inform the borrower of the lender's engagement.

The primary obligation of the appraiser when approached by a borrower is to inform the borrower of the lender's engagement. This aligns with the appraiser's responsibility to maintain transparency and uphold the standards of the appraisal profession. Awareness of the lender's engagement is crucial because it establishes the context in which the appraisal is taking place, ensuring that the borrower understands that the appraisal process is being conducted as part of a lender's requirement. This also reinforces the principle of the appraiser acting with integrity and impartiality, as the appraiser is tasked with providing unbiased opinions of value, independent of the borrower’s interests. Thus, by clarifying the engagement with the lender, the appraiser safeguards the interests of all parties involved in the transaction, adhering to the ethical obligations outlined in USPAP.