Property Valuation
A Kentucky appraisal report that is prepared for a federally related transaction must comply with:
AKREC licensing requirements only
BUSPAP (Uniform Standards of Professional Appraisal Practice) and federal guidelines✓ Correct
CLocal county assessor standards
DKentucky Department of Revenue appraisal guidelines
Explanation
Appraisals for federally related transactions (loans by federally regulated lenders) must comply with USPAP, the Uniform Standards of Professional Appraisal Practice, as well as federal appraisal independence requirements. Kentucky real estate appraisers are licensed/certified by the Kentucky Real Estate Appraisers Board.
People Also Study
Related Kentucky Questions
- In Kentucky, USPAP (Uniform Standards of Professional Appraisal Practice) governs:Property Valuation
- In Kentucky, which professional credential is required to perform appraisals for federally related mortgage transactions on properties valued over $400,000?Property Valuation
- A Kentucky appraiser's report must comply with USPAP, which requires the appraiser to maintain:Property Valuation
- A Kentucky apartment complex that receives federal housing subsidies must comply with which additional fair housing requirements?Property Management
- In Kentucky, an appraisal developed for federal mortgage lending purposes must comply with:Property Valuation
- A Kentucky housing developer who builds 50 or more new multifamily units must comply with the Fair Housing Act's design and construction requirements by providing:Fair Housing
- Kentucky's Fair Housing Act requires landlords to apply the same rental standards, including application requirements and criteria, to:Property Management
- A Kentucky condo development built in 1993 with 20 units must comply with the Fair Housing Act's design and accessibility requirements for:Fair Housing
Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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.
State-Specific Concepts
Continuing Education
Study This Topic
Practice More Kentucky Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Kentucky Quiz →