Property Valuation
An appraiser completing a Connecticut FHA appraisal must ensure the property meets:
AOnly the national fire code
BHUD's minimum property requirements (MPR) for health and safety in addition to market value✓ Correct
CConnecticut DEEP environmental standards
DLocal zoning regulations only
Explanation
FHA appraisers must verify that a property meets HUD's Minimum Property Requirements (MPRs) and Minimum Property Standards (MPSs) to ensure it is safe, sound, and secure—in addition to opining on market value.
Related Connecticut Property Valuation Questions
- Which type of depreciation in the cost approach is considered incurable because it arises from outside the property?
- A Connecticut appraiser is valuing a property in a subdivision. The subject property has a 3-car garage; the most similar comparable has a 2-car garage. The appraiser determines 1-car garage space is worth $8,000 in this market. The adjustment to the comparable is:
- A property has a potential gross income of $60,000, a vacancy rate of 10%, and operating expenses of $20,000. What is the net operating income?
- The principle that no prudent buyer will pay more for a property than the cost to build a comparable new structure is called:
- Economic obsolescence (external obsolescence) in an appraisal is caused by:
- In Connecticut, a property with a 'split-level' design in a neighborhood where all homes are ranch-style may suffer from which type of depreciation?
- Which best describes the 'capitalization rate' (cap rate) used in the income approach?
- When an appraiser makes a 'positive adjustment' to a comparable sale in the sales comparison approach, it means:
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