Property Valuation
A USPAP-compliant appraisal in Idaho means the appraiser has followed:
AIdaho state tax assessment procedures
BThe Uniform Standards of Professional Appraisal Practice established by the Appraisal Foundation✓ Correct
CIREC's broker price opinion guidelines
DHUD's minimum property standards
Explanation
USPAP (Uniform Standards of Professional Appraisal Practice) are the nationally recognized ethical and performance standards for appraisers. Idaho licensed and certified appraisers must comply with USPAP.
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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.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
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