Property Valuation
A Uniform Standards of Professional Appraisal Practice (USPAP) is important because it:
ASets Georgia-specific appraisal laws
BEstablishes ethical and performance standards for appraisers nationwide✓ Correct
CReplaces state appraisal licensing
DDetermines property tax assessments
Explanation
USPAP, developed by the Appraisal Standards Board, establishes ethical and performance standards that appraisers must follow. Most states, including Georgia, require USPAP compliance for licensed appraisers.
Related Georgia Property Valuation Questions
- In the income approach, 'effective gross income' is calculated as:
- An appraiser who discovers that a comparable sale was between related parties (family members) should:
- In real estate, 'price' and 'value' are:
- The principle of anticipation in real estate valuation holds that:
- Highest and best use in real estate appraisal means the use that is:
- An appraiser's final 'reconciliation' step in the appraisal process involves:
- The sales comparison approach to value is most appropriate for:
- An appraiser makes a final value conclusion by reconciling the three approaches. This process is called:
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