Property Valuation
An appraisal report prepared for a federally related transaction in Alaska must comply with:
AAlaska Real Estate Commission appraisal standards only
BThe Uniform Standards of Professional Appraisal Practice (USPAP)✓ Correct
CThe HUD Minimum Property Standards only
DThe Alaska Bureau of Land Management guidelines
Explanation
Appraisals for federally related transactions (those involving federally regulated lenders or federal programs) must comply with USPAP, as required by FIRREA (Financial Institutions Reform, Recovery and Enforcement Act). USPAP establishes ethical and performance standards for appraisers nationwide.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Math Concepts
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