ASA ME201 Exam Review Questions with Correct Answers Latest Update 2026/2027
Agency - Answers Legal relationship between an agent and a principal. Agent acts on behalf of
principal.
Fiduciary - Answers Person occupying a position of trust in relationship to another person or
persons.
Are appraisers agents? - Answers No
USPAP history: - Answers In 1930's appraisal organizations published standards of ethics and
practice, in 1980's 8 groups met to form standards and formed USPAP.
Year USPAP was founded: - Answers 1987
Appraisal Standards Board: - Answers Solutions to inquiries submitted by state regulators,
publishes ASB State Advisory Bulletin, Revises/issues statements for USPAP
Is the Appraisal Standards Board independent from professional appraisal organizations? -
Answers Yes
Appraisal Qualifications Board: - Answers Develops, publishes, interprets, and amends
qualification criteria for professional appraisers
Personal property appraiser qualification criteria was adopted after a: - Answers Three year
process tha began with an Appraiser Qualifications Board in Feb. 1995
Role of Appraisal Standards Advisory Council - Answers Assists/consults ASB, membership
annointed by board of trustees of Appraisal Foundation, 20 members
3 parts of ethics rule: - Answers Conduct, management, and confidentiality
Conduct: - Answers Perform assignments ethically, compentently, impartially, objectively. No
predetermined opinions/conclusions, and don't communicate assignment results in misleading
manner.
Management: - Answers No payment of undisclosed fees in connection with procurement of
assignment, no compensation based on value opinion
Will not accept compensation when it is contingent upon: - Answers Reporting of a
predetermined value, value that favors cause of client, amount of value opinion, etc.
Confidentiality: - Answers Protect confidential nature of appraiser-client relationship, act in good
faith to client interests, don't disclose confidential info to people uninvolved
Record Keeping Rule - A workfile for each assignment must include: - Answers Name of client,
copies of written reports, summaries of oral reports, all other data
Agency - Answers Legal relationship between an agent and a principal. Agent acts on behalf of
principal.
Fiduciary - Answers Person occupying a position of trust in relationship to another person or
persons.
Are appraisers agents? - Answers No
USPAP history: - Answers In 1930's appraisal organizations published standards of ethics and
practice, in 1980's 8 groups met to form standards and formed USPAP.
Year USPAP was founded: - Answers 1987
Appraisal Standards Board: - Answers Solutions to inquiries submitted by state regulators,
publishes ASB State Advisory Bulletin, Revises/issues statements for USPAP
Is the Appraisal Standards Board independent from professional appraisal organizations? -
Answers Yes
Appraisal Qualifications Board: - Answers Develops, publishes, interprets, and amends
qualification criteria for professional appraisers
Personal property appraiser qualification criteria was adopted after a: - Answers Three year
process tha began with an Appraiser Qualifications Board in Feb. 1995
Role of Appraisal Standards Advisory Council - Answers Assists/consults ASB, membership
annointed by board of trustees of Appraisal Foundation, 20 members
3 parts of ethics rule: - Answers Conduct, management, and confidentiality
Conduct: - Answers Perform assignments ethically, compentently, impartially, objectively. No
predetermined opinions/conclusions, and don't communicate assignment results in misleading
manner.
Management: - Answers No payment of undisclosed fees in connection with procurement of
assignment, no compensation based on value opinion
Will not accept compensation when it is contingent upon: - Answers Reporting of a
predetermined value, value that favors cause of client, amount of value opinion, etc.
Confidentiality: - Answers Protect confidential nature of appraiser-client relationship, act in good
faith to client interests, don't disclose confidential info to people uninvolved
Record Keeping Rule - A workfile for each assignment must include: - Answers Name of client,
copies of written reports, summaries of oral reports, all other data
