Property Valuation
In Minnesota, the Uniform Standards of Professional Appraisal Practice (USPAP) requires appraisers to:
AAdjust all comparable sales by 5% per year
BMaintain independence, objectivity, and impartiality, and competently perform appraisals following recognized methods✓ Correct
CUse only the sales comparison approach for residential properties
DObtain an independent review of every appraisal by another certified appraiser
Explanation
USPAP sets the ethical and competency requirements for professional appraisers. Minnesota appraisers must be independent, objective, impartial, and competent.
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