Property Valuation
An Iowa appraiser is asked to perform a restricted appraisal report. This type of report:
AProvides the same level of detail as a complete appraisal report
BContains less detail than a complete report and is intended for a single client✓ Correct
CIs only permitted for government agencies
DIs required for all FHA loans
Explanation
Under USPAP, a restricted appraisal report contains less detail and is intended for only the identified client. It is not appropriate for federally related transactions or when lenders require a complete report.
Related Iowa Property Valuation Questions
- When using the sales comparison approach, an appraiser makes adjustments to comparable sales prices because:
- The principle of substitution states that:
- Reproduction cost in appraisal means:
- External (economic) obsolescence as a form of depreciation is BEST described as:
- The Iowa Department of Revenue publishes an equalization order when:
- A comparable sale used in the sales comparison approach should ideally be:
- The highest and best use of a property is defined as the reasonably probable use that is:
- Which of the following is an example of physical (curable) depreciation?
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