Property Valuation
A Louisiana appraiser completing a URAR (Uniform Residential Appraisal Report) must certify that their appraisal is:
ABased solely on the client's requested value
BAn independent, impartial, and objective opinion of value in compliance with USPAP✓ Correct
CGuaranteed to reflect the actual sales price
DApproved by the LREC before delivery
Explanation
Appraisers completing a URAR must certify that the appraisal is an independent, impartial, and objective opinion of value performed in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP). The appraiser's fee cannot be contingent on the value conclusion.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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