Property Valuation
A Mississippi appraiser must comply with USPAP (Uniform Standards of Professional Appraisal Practice). USPAP requires appraisers to:
AAlways use all three approaches to value
BMaintain independence, objectivity, and impartiality; develop credible opinions; and communicate clearly and not misleadingly✓ Correct
CFollow only the client's instructions
DUse only approved comparable sales databases
Explanation
USPAP establishes the ethical and professional standards for appraisers. Core requirements include independence (no bias toward a desired result), objectivity, impartiality, developing credible opinions through competent analysis, and clear communication that does not mislead intended users.
Related Mississippi Property Valuation Questions
- When appraising a new custom-built home with few comparable sales, which approach is MOST appropriate?
- The 'effective age' of a Mississippi building in appraisal refers to:
- In a Mississippi appraisal using the income approach, 'potential gross income' (PGI) differs from 'effective gross income' (EGI) in that:
- When appraising a Mississippi delta agricultural property, the appraiser would most likely give the greatest weight to which approach to value?
- Depreciation in the cost approach refers to:
- A Mississippi appraiser includes a 'limiting condition' in their report stating that the value is 'subject to the property being free and clear of hazardous materials.' This means:
- An appraiser's 'paired sales analysis' is used to:
- A Mississippi appraiser is comparing a subject property (3BR/2BA, 1,850 SF) to a comparable (3BR/2BA, 2,100 SF). The appraiser estimates $65 per SF value contribution for size. The adjustment to the comparable is:
Practice More Mississippi Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Mississippi Quiz →