Property Valuation
A Massachusetts 'fee appraiser' differs from a 'review appraiser' in that a review appraiser:
ADetermines the market value of properties
BAnalyzes another appraiser's work product for completeness, accuracy, and USPAP compliance✓ Correct
CWorks exclusively for government agencies
DSpecializes in properties with legal disputes
Explanation
A review appraiser performs appraisal reviews—evaluating another appraiser's report for technical accuracy, credibility, and USPAP compliance. Lenders and AMCs routinely use review appraisers to check field appraiser reports.
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- The Massachusetts 'Uniform Standards of Professional Appraisal Practice' compliance requirement means that all licensed appraisers must follow USPAP provisions including:Property Valuation
- An appraiser is valuing a property for mortgage lending purposes. The appraisal report must be completed on a form compliant with:Property Valuation
- In Massachusetts, a licensed appraiser performing an appraisal for a federally related transaction must be certified under:Property Valuation
- A Massachusetts appraiser analyzes the 'market conditions' for a neighborhood report. Key market indicators include:Property Valuation
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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