Property Valuation
In Arizona, an appraisal for a federally related transaction must be performed by:
AAny experienced real estate agent
BA state-licensed or state-certified appraiser✓ Correct
CA CPA with real estate experience
DA licensed real estate broker
Explanation
FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act) requires that appraisals for federally related transactions be performed by a state-licensed or state-certified real estate appraiser.
Related Arizona Property Valuation Questions
- The principle of progression in real estate appraisal means:
- Gross Rent Multiplier (GRM) is calculated as:
- An Arizona appraiser calculates that a subject property has $75,000 of accrued depreciation on improvements with a reproduction cost of $300,000. The land value is $80,000. What is the indicated value by the cost approach?
- In the cost approach, what does 'reproduction cost' mean?
- Which type of depreciation is caused by factors external to the property, such as a nearby industrial plant, and is generally considered incurable?
- An Arizona property has 4 units each renting for $1,200/month. Using a GRM of 120, what is the estimated value?
- A Comparative Market Analysis (CMA) in Arizona is prepared by a real estate agent and is:
- The reconciliation step in an appraisal involves:
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