Property Valuation
An appraisal is an opinion of value that must be prepared by:
AAny licensed real estate agent
BA licensed or certified appraiser when required for federally related transactions✓ Correct
CA bank loan officer
DThe Delaware Real Estate Commission
Explanation
For federally related transactions (most mortgage loans), FIRREA requires that appraisals be performed by state-licensed or state-certified appraisers meeting minimum competency standards.
Related Delaware Property Valuation Questions
- The principle of 'contribution' in real estate appraisal states that:
- What is the 'principle of substitution' in real estate appraisal?
- Gross rent multiplier (GRM) is calculated as:
- The principle of highest and best use means:
- The principle of conformity states that property values are maximized when:
- A property has a replacement cost of $400,000, accrued depreciation of $80,000, and land value of $100,000. What is the estimated value using the cost approach?
- In the sales comparison approach, 'bracketing' means:
- In the cost approach, accrued depreciation includes:
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