Property Valuation
The Uniform Standards of Professional Appraisal Practice (USPAP) are developed and maintained by:
AThe LREC
BThe Appraisal Foundation✓ Correct
CFannie Mae and Freddie Mac
DThe U.S. Department of Housing and Urban Development
Explanation
USPAP is developed and maintained by The Appraisal Foundation, a non-profit organization authorized by Congress. USPAP sets the ethical and performance standards for appraisers.
Related Louisiana Property Valuation Questions
- In the sales comparison approach, 'comparables' (comps) should be:
- 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?
- The principle of 'substitution' in real estate appraisal states that:
- In the cost approach to value, the appraiser estimates the value of the land:
- USPAP (Uniform Standards of Professional Appraisal Practice) applies to Louisiana appraisers because:
- An appraiser uses the income approach to value a New Orleans commercial building. The property produces a net operating income of $60,000 annually. Using a 6% capitalization rate, what is the estimated value?
- What does 'net operating income' (NOI) represent for an income property?
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