Business Practices And Ethics Practice Test

Access More Questions

Jack is an Appraisal Institute Practicing Affiliate who practices in the United States. What would make him subject to IVS?

Practicing outside the US Membership alone An agreement with the client to comply with IVS A specific designation

Correct Answer:

An agreement with the client to comply with IVS

Explanation:

IVS applicability is driven by the terms of the engagement with the client. If the client agrees that the valuation work will be performed in accordance with IVS, then the appraiser is obliged to follow IVS. Merely practicing in the United States, holding a membership, or having a designation does not automatically impose IVS; those factors don’t create the standard under which the assignment must be performed. The contract or engagement letter that specifies IVS as the applicable standard is what triggers compliance.

Access more questions from this quiz

Continue to Business Practices and Ethics Practice Test for more practice questions and the full quiz experience.

Access More Questions