Property Valuation
An Iowa appraiser must comply with which professional standards governing appraisal practice?
AIowa Real Estate Commission rules only
BUSPAP (Uniform Standards of Professional Appraisal Practice)✓ Correct
CNAR Code of Ethics
DIowa Accountancy Standards
Explanation
Appraisers must comply with USPAP (Uniform Standards of Professional Appraisal Practice), which sets ethical and competency standards for real property appraisers, including those working on federally related transactions.
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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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