Property Valuation
The USPAP (Uniform Standards of Professional Appraisal Practice) Standards are issued by:
AFannie Mae
BThe Appraisal Foundation✓ Correct
CHUD
DThe Federal Reserve
Explanation
USPAP is promulgated by the Appraisal Foundation, authorized by Congress to set standards for the appraisal profession. All state-licensed and certified appraisers must comply with USPAP.
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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.
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.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
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