Property Valuation
The Uniform Standards of Professional Appraisal Practice (USPAP) governs:
AOnly real estate appraisers certified by the state
BThe ethical and performance standards for all real property appraisers in the United States✓ Correct
COnly appraisals performed for federal lending institutions
DThe licensing standards for real estate brokers in Illinois
Explanation
USPAP establishes the ethical and performance standards for real property appraisers in the United States. Illinois appraisers are required to comply with USPAP as a condition of their state certification or license. USPAP is developed by the Appraisal Standards Board of The Appraisal Foundation.
Related Illinois Property Valuation Questions
- What is 'matched pairs analysis' in real estate appraisal and why is it important?
- An appraisal for a federally related transaction must be performed by which type of professional in Illinois?
- The term 'arm's-length transaction' in real estate means:
- If a comparable property sold for $310,000 and had an extra full bathroom that the subject property lacks, the appraiser would make what kind of adjustment?
- When an appraiser determines a value 'as if complete' for a property under construction, they are providing what type of appraisal?
- In real estate, a 'floor area ratio' (FAR) is used in zoning to express:
- A capitalization rate of 5% versus 10% on similar properties would indicate that the property with a 5% cap rate:
- An appraiser adjusting for location differences between the subject property and a comparable uses which type of adjustment?
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