The Conduct section of the ETHICS RULE says: An appraiser must not misrepresent his or her role when providing valuation services that are outside of

• A. Appraisal practice
• B. Economic analysis
• C. Market research
• D. Real estate transactions

Answer: (A)

In USPAP, the Conduct Rule protects the public by making sure an appraiser does not misrepresent their role when providing valuation services that are outside the formal appraisal practice. The phrase to complete is “outside of appraisal practice,” because the boundary of what counts as an appraisal is the appraisal practice itself. When an appraiser offers valuation services that aren’t within that practice—such as certain types of economic analysis or market studies—they must be clear about their role and not present the work as an appraisal conducted by a licensed appraiser. This maintains honesty about qualifications and ensures clients aren’t misled into thinking a non-appraisal valuation has the same rigor and credentials as an appraisal. The other terms refer to kinds of valuation work that could fall outside appraisal practice, but they don’t define the boundary the rule uses.