Property Valuation
In Montana, an appraiser is required to follow the Uniform Standards of Professional Appraisal Practice (USPAP), which are:
AMontana-specific standards unique to the state
BMinimum standards for professional appraisal practice promulgated by the Appraisal Foundation and adopted nationwide✓ Correct
COptional guidelines that appraisers may choose to follow
DRequirements only for FHA-insured loan appraisals
Explanation
USPAP, promulgated by the Appraisal Foundation, are the minimum ethical and performance standards for appraisers nationwide. Montana and all states require licensed/certified appraisers to comply with USPAP.
Related Montana Property Valuation Questions
- In the income approach, effective gross income (EGI) is calculated as:
- An appraiser is performing a cost approach analysis. The replacement cost of the improvements is $350,000, and total depreciation is $75,000. The land value is $80,000. What is the estimated property value?
- The 'principle of anticipation' in Montana real estate appraisal means that value is:
- A Montana property appraiser who is asked to appraise a property by an agent who will only refer future business if the appraiser 'hits the number' should:
- The principle of progression holds that:
- In the cost approach, accrued depreciation represents:
- In Montana, when an appraiser identifies that a neighborhood is in the 'decline' phase of the neighborhood life cycle, they would expect property values to:
- A Montana appraiser uses a 'capitalization rate' that is higher than that used for a comparable property in a more desirable Bozeman neighborhood. This higher cap rate reflects:
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