Property Valuation
A Minnesota residential appraiser must comply with which set of professional standards?
AMinnesota Association of Realtors guidelines
BUniform Standards of Professional Appraisal Practice (USPAP)✓ Correct
CFannie Mae selling guide only
DState-specific Minnesota Appraisal Standards
Explanation
All licensed and certified appraisers in Minnesota must comply with USPAP (Uniform Standards of Professional Appraisal Practice) as adopted by the Appraisal Foundation. USPAP provides the ethical and performance standards for real property appraisal in the United States.
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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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