Property Valuation
USPAP (Uniform Standards of Professional Appraisal Practice) requires all licensed Colorado appraisers to:
AUse only the sales comparison approach for residential properties
BDevelop and communicate their analyses, opinions, and conclusions in a manner that is not misleading✓ Correct
CDisclose all financial interests in the property
DBe certified by the Colorado Real Estate Commission
Explanation
USPAP requires appraisers to develop credible opinions of value and communicate them in an objective, non-misleading manner. USPAP is the standard adopted by the Appraisal Foundation and required by Colorado's appraiser licensing statutes.
Related Colorado Property Valuation Questions
- The 'principle of contribution' in real estate valuation states that:
- When performing a sales comparison approach, an appraiser adjusts for differences between the subject property and comparables. If a comparable has a feature the subject lacks, the appraiser should:
- In Colorado, a 'before and after' valuation method is used in which appraisal context?
- Economic obsolescence (external obsolescence) in appraisal refers to loss in value caused by:
- In Colorado real estate appraisal, the term 'highest and best use' means:
- Under Colorado appraisal standards, USPAP requires that an appraiser's report include:
- Physical deterioration that is 'incurable' in appraisal means:
- When an appraiser applies the 'matched pairs' analysis in Colorado, they are:
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