The ETHICS RULE says an appraiser cannot accept an assignment that includes the reporting of

• A. Facts and conclusions
• B. Opinions and conclusions
• C. Data and conclusions
• D. Opinions and data

Answer: (B)

In appraising ethics, everything in the report must be grounded in facts and data. Opinions and conclusions are professional judgments that only stand up if they are supported by that data—the evidence gathered in the assignment. The Ethics Rule forbids accepting an assignment that asks you to report opinions or conclusions that aren’t backed by the data. So the correct idea is that you cannot be required to report opinions and conclusions without support. The other pairings involve data or facts alongside conclusions in ways that aren’t inherently prohibited when properly supported, but the core restriction is about reporting opinions and conclusions that aren’t supported by the data.