Real Estate Professionals Have Long Supported Strict Standards of Ethics

question 11

Multiple Choice

Real estate professionals have long supported strict standards of ethics and practice. Followed by all states and federal regulatory agencies, which of the following imposes ethical obligations and minimum standards that must be followed by all real estate professionals providing formal estimates of market value?

• A) Uniform Standards of Professional Appraisal Practice (USPAP)
• B) Multiple Listing Services (MLS)
• C) Department of Housing and Urban Development (HUD)
• D) Office of Federal Housing Enterprise Oversight (OFHEO)

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Definitions:

Summary Judgment

A method of reaching a judgment in a civil case before trial. The standard for granting a motion for summary judgment is that there be no significant issue of material fact and that the moving party be entitled to judgment as a matter of law.

Material Fact

A fact that would influence a reasonable person's decision-making process in a particular context, such as in contracts or legal decisions.

In Personam Jurisdiction

The legal authority of a court to determine a case against particular persons or entities, based on their connection to the jurisdiction.

In Rem Jurisdiction

A legal authority based on the power over property within its territory regardless of the property owner's location.