Property Valuation
A Michigan appraiser performing a '1004 UAD' (Uniform Appraisal Dataset) residential appraisal must:
AOnly use the cost approach
BUse standardized appraisal data fields and condition/quality ratings as required by FNMA/FHLMC✓ Correct
CConduct a personal interview with the buyer
DObtain LARA approval before submitting the report
Explanation
The Uniform Appraisal Dataset (UAD) requires appraisers completing FNMA Form 1004 to use standardized data fields, property condition ratings (C1-C6), and quality ratings (Q1-Q6) to improve data consistency for the GSEs.
Related Michigan Property Valuation Questions
- In Michigan, the principle of 'progression' in real estate means:
- A Michigan property has 3,500 sq ft of living area. If similar homes sell for $85 per sq ft, the indicated value using the cost approach per-square-foot method is:
- In Michigan, 'regression' and 'progression' principles in appraisal state that:
- In Michigan, the State Tax Commission (STC) oversees:
- In Michigan, which is a characteristic of the income capitalization approach that distinguishes it from the sales comparison approach?
- The income capitalization approach is most commonly used to appraise:
- External obsolescence in appraisal refers to:
- In Michigan, 'assessed value' for property tax purposes is typically set at what percentage of market value?
Practice More Michigan Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Michigan Quiz →