Property Valuation
An Iowa appraisal performed for a federally related transaction must comply with:
AIowa Real Estate Commission standards only
BThe Uniform Standards of Professional Appraisal Practice (USPAP)✓ Correct
CIowa Code Chapter 543B
DLocal county assessor guidelines
Explanation
Appraisals for federally related transactions (involving federally regulated lenders) must comply with USPAP, which establishes professional standards for appraisers. Iowa also licenses and regulates appraisers through the Iowa Real Estate Appraiser Examining Board.
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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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