Property Valuation
A Louisiana appraiser is required to sign a certification in their appraisal report stating they have no undisclosed:
ACriminal history
BPresent or prospective interest in the property✓ Correct
CPrior appraisals of similar properties
DBusiness relationships with other appraisers
Explanation
USPAP requires appraisers to certify in their reports that they have no undisclosed present or prospective interest in the property and no personal bias or partiality regarding the parties. Any actual or potential conflict of interest must be disclosed.
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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.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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.
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