Property Valuation
In Michigan, an appraiser's 'scope of work' for an appraisal is determined by:
AOnly the client's wishes
BThe type of property, intended use, and intended users of the appraisal, following USPAP guidelines✓ Correct
CLARA's standard appraisal template
DThe county register of deeds
Explanation
Under USPAP (Uniform Standards of Professional Appraisal Practice), the scope of work for any appraisal assignment is determined by the property type, the intended use and users of the appraisal, and what is necessary for credible assignment results.
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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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
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