An 'appraisal review' is performed by:
Why B. A licensed or certified appraiser who evaluates the quality and accuracy of another appraiser's report Is Correct
Answer B: B. A licensed or certified appraiser who evaluates the quality and accuracy of another appraiser's report
Exam Tip: Property Valuation
Valuation questions focus on the three approaches to value: sales comparison, cost, and income. Know which approach is best for which property type. The income approach uses cap rate and NOI — memorize these formulas.
Key Property Valuation Terms in This Question
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Related Colorado Questions
- USPAP (Uniform Standards of Professional Appraisal Practice) requires all licensed Colorado appraisers to:Property Valuation
- The 'Uniform Standards of Professional Appraisal Practice' (USPAP) is published by:Property Valuation
- A Colorado appraiser must comply with 'USPAP' (Uniform Standards of Professional Appraisal Practice). USPAP is developed by:Property Valuation
- Under Colorado appraisal standards, USPAP requires that an appraiser's report include:Property Valuation
Key Terms to Know
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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