Property Valuation
Under USPAP (Uniform Standards of Professional Appraisal Practice), which of the following would be a violation?
AUsing the income approach for a multifamily property
BAccepting an appraisal assignment with a fee contingent on the appraised value✓ Correct
CConducting a drive-by exterior inspection
DRelying on data from the MLS
Explanation
USPAP prohibits appraisers from accepting assignments where their fee is contingent on a predetermined value, the direction of the value, or the outcome of a transaction. This would compromise the appraiser's independence and objectivity.
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Key Terms to Know
Appraisal
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.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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