Certified Valuation Analyst (CVA) Practice Exam

What are the three behavioral standards defined by NACVA?

1. General, Strategic, and Professional

2. General, Development, and Reporting

3. Asset, Liability, and Equity

4. Market, Income, and Cost

The correct answer is: General, Development, and Reporting

The answer is rooted in the foundational principles established by the National Association of Certified Valuators and Analysts (NACVA) that guide professionals in maintaining standards throughout their work in valuation. The three behavioral standards defined by NACVA are indeed General, Development, and Reporting. The General standard emphasizes the importance of professional competence and ethical behavior in conducting valuation services. This standard sets the tone for how analysts approach their work and the integrity that must be maintained throughout the valuation process. The Development standard focuses on the methodologies and processes applied during the valuation. This includes how analysts gather data, apply valuation techniques, and ensure that their work adheres to best practices in the industry. Lastly, the Reporting standard pertains to how findings are communicated to clients and stakeholders. This involves clarity, transparency, and adherence to regulatory requirements and professional standards in the documentation of valuation results. These standards are crucial for ensuring the credibility and reliability of valuation reports, fostering trust among clients, and adhering to ethical practices in the valuation field. Understanding these principles is essential for any professional involved in valuation services.