Property Valuation
An appraisal conducted for a federally related loan transaction must be performed by a:
ALicensed real estate agent
BState-certified or state-licensed appraiser✓ Correct
CReal estate broker with 5+ years experience
DMember of AREC's appraisal panel
Explanation
Federal regulations (FIRREA and USPAP) require that appraisals for federally related transactions be conducted by a state-certified or state-licensed real estate appraiser. Alabama licenses appraisers separately from real estate licensees.
Related Alabama Property Valuation Questions
- What is 'external obsolescence' in property appraisal?
- What is 'over-improvement' in real estate?
- Which type of depreciation is caused by factors outside the property, such as a nearby industrial facility?
- Gross Rent Multiplier (GRM) is calculated as:
- The USPAP (Uniform Standards of Professional Appraisal Practice) is:
- The price per square foot of living area is commonly used as a unit of comparison in which appraisal approach?
- The principle of substitution states that:
- Market rent is the rental income a property would command in the open market, while contract rent is:
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