Property Valuation
What is the purpose of the 'Uniform Standards of Professional Appraisal Practice' (USPAP)?
ATo set real estate commission rates
BTo establish ethical and performance standards for real estate appraisers nationwide✓ Correct
CTo determine property tax rates
DTo regulate DRE licensing requirements
Explanation
USPAP, published by the Appraisal Standards Board, establishes the ethical and performance standards that appraisers must follow. Compliance with USPAP is required for federally regulated mortgage transactions and is a professional standard in the appraisal industry.
Related California Property Valuation Questions
- The principle of progression states that:
- In a sales comparison appraisal, if a comparable sale has a garage and the subject property does not, the appraiser makes an adjustment by:
- The principle of substitution states that:
- Under USPAP (Uniform Standards of Professional Appraisal Practice), a licensed appraiser must retain the workfile for a completed appraisal for a minimum of:
- Highest and best use is defined as the use that is:
- An appraiser determines that the highest and best use of a parcel is for commercial development, not its current residential use. How does this affect the appraisal?
- Which of the following is an example of functional obsolescence in a residential property?
- What is the purpose of a Comparative Market Analysis (CMA) as used by real estate agents?
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