Property Valuation
An Indiana appraiser must adhere to which set of professional standards?
AIndiana Real Estate Commission guidelines
BThe Uniform Standards of Professional Appraisal Practice (USPAP)✓ Correct
CThe National Association of Realtors Code of Ethics
DHUD Handbook guidelines
Explanation
USPAP, developed by the Appraisal Standards Board of The Appraisal Foundation, sets the minimum standards for professional appraisal practice in the United States. Indiana appraisers are required to 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.
Math Concepts
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