Property Valuation
A Michigan appraisal report prepared for a federally related transaction must comply with:
AMichigan Appraiser Certification Standards only
BUSPAP (Uniform Standards of Professional Appraisal Practice)✓ Correct
CFNMA Form 1004 regardless of property type
DLARA administrative rules for certified appraisers
Explanation
USPAP (Uniform Standards of Professional Appraisal Practice), promulgated by The Appraisal Foundation, governs all appraisals for federally related transactions. Michigan's certified and licensed appraisers must also comply with USPAP.
Related Michigan Property Valuation Questions
- In Michigan, the assessed value of property is set by the local:
- A capitalization rate (cap rate) of 8% applied to a net operating income of $40,000 results in an estimated value of:
- Michigan's Board of Review allows property owners to appeal their:
- A Michigan appraiser notes that a subject property's bathroom has outdated fixtures. This type of depreciation is called:
- In Michigan, which appraisal approach is most appropriate for a special-use property like a church or school?
- In Michigan, an appraisal report that provides a brief presentation of the appraiser's findings is called a(n):
- The income approach to property valuation in Michigan is most commonly used for:
- In Michigan, an appraiser's 'reconciliation' at the end of an appraisal report involves:
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