Property Valuation
In Massachusetts, a licensed appraiser performing an appraisal for a federally related transaction must be certified under:
AThe Massachusetts Appraisal Act only
BUSPAP (Uniform Standards of Professional Appraisal Practice) and state certification✓ Correct
CThe Fannie Mae appraisal guidelines only
DLocal MLS standards
Explanation
Appraisers performing federally related transactions must comply with USPAP and hold appropriate state certification (Certified Residential or Certified General) as required by FIRREA.
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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.
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.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
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