Property Valuation
When appraising a single-family home for a federally related transaction in Mississippi, appraisers must follow:
AMREC appraisal guidelines
BUniform Standards of Professional Appraisal Practice (USPAP)✓ Correct
CHUD's minimum property standards only
DThe Mississippi Appraisal Manual published by the county assessor
Explanation
USPAP (Uniform Standards of Professional Appraisal Practice) are the ethical and performance standards for all U.S. appraisers. For federally related transactions, compliance with USPAP is required by federal regulation.
Related Mississippi Property Valuation Questions
- In the cost approach to appraisal, effective age refers to:
- A Mississippi property has an economic life of 40 years. If it is 10 years old, the remaining economic life is:
- A Mississippi appraiser completes their assignment and delivers the appraisal report to the lender client. Later, the borrower (who paid for the appraisal) requests a copy. Under FIRREA and CFPB rules:
- A Mississippi appraiser must remain independent of the transaction. Which of the following would be a prohibited influence on an appraisal?
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- An appraiser in Mississippi encounters a property with an unusual design and limited comparable sales. To develop a credible value opinion, the appraiser might emphasize:
- A Mississippi appraiser completing an appraisal for a lender notices the subject property has been listed for sale three times in the past 18 months with increasing prices but no sales. This pattern indicates:
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