Property Valuation
A Louisiana property appraiser must comply with USPAP (Uniform Standards of Professional Appraisal Practice) because:
ALouisiana law requires it only for commercial appraisals
BUSPAP establishes minimum standards of professional practice and ethics for licensed and certified appraisers in all states✓ Correct
CUSPAP compliance is voluntary but preferred by lenders
DThe LREC adopted USPAP only for residential appraisals
Explanation
USPAP compliance is required by Louisiana law for all licensed and certified appraisers. Federal financial institution regulations also require USPAP compliance for appraisals used in federally related transactions.
Related Louisiana Property Valuation Questions
- In Louisiana, who is authorized to perform a formal real estate appraisal for a federally related transaction?
- When appraisers make adjustments in the sales comparison approach, they add to the comparable when the comparable is:
- Gross income multiplier (GIM) in Louisiana real estate valuation differs from GRM because GIM uses:
- What does 'highest and best use' mean in real estate appraisal?
- A property is appraised at $280,000. The assessment ratio in the parish is 10%. What is the assessed value?
- A Louisiana property has a replacement cost of $280,000, land value of $60,000, and total accrued depreciation of $40,000. What is the estimated value using the cost approach?
- What is 'economic obsolescence' as a form of depreciation in real estate appraisal?
- In the cost approach to value, the appraiser estimates the value of the land:
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