Property Valuation
In Alabama, an appraisal for a federally related transaction (such as an FHA or conventional bank loan) must be performed by:
AAny licensed real estate broker
BA state-certified or state-licensed appraiser✓ Correct
CA REALTOR® member
DThe lender's in-house staff without licensing requirements
Explanation
Federal regulations require that appraisals for federally related transactions be performed by state-licensed or state-certified appraisers.
Related Alabama Property Valuation Questions
- Which of the following statements about land value is TRUE?
- The principle of substitution states that:
- Which appraisal approach involves estimating the value of a property by calculating the cost to reproduce or replace the improvements plus the land value?
- An appraisal performed 'retrospectively' (as of a past effective date) is used for:
- A property generates $60,000 in annual net operating income. If the cap rate is 8%, what is the property's estimated value?
- The principle of 'progression' in real estate value states that:
- In the income approach, which formula is used to estimate property value?
- What is 'external obsolescence' in property appraisal?
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