Property Valuation
Which professional is required to perform an appraisal for a federally regulated mortgage transaction in Maryland?
AAny licensed real estate broker
BA state-certified or state-licensed appraiser✓ Correct
CThe MREC-appointed evaluator
DA HUD inspector
Explanation
Federally regulated mortgage transactions in Maryland must use a state-certified or state-licensed appraiser, as required by FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act).
Related Maryland Property Valuation Questions
- The market value of a Maryland property is best defined as:
- An appraiser in Maryland who violates the Uniform Standards of Professional Appraisal Practice (USPAP) may face discipline from:
- Maryland market rent is defined as:
- The cost approach to value calculates:
- In Maryland, a broker price opinion (BPO) is typically used by:
- A property has a gross monthly rent of $2,400 and sold for $288,000. What is the gross rent multiplier (GRM)?
- When a Maryland appraiser uses the cost approach for a 20-year-old residential property, they must estimate accrued depreciation. If the total depreciation is 30%, and the replacement cost new is $400,000, the depreciated value of improvements is:
- Economic life of a building in the cost approach refers to:
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