Property Valuation
An appraisal for a federally related mortgage transaction in Nebraska requires the appraiser to include a:
AFlood zone certification
BCertification that the appraisal was performed in conformance with USPAP✓ Correct
CSigned agreement with the lender to provide future appraisals
DNREC approval number
Explanation
Appraisals for federally related transactions must include the appraiser's certification that the appraisal was performed in compliance with USPAP (Uniform Standards of Professional Appraisal Practice), as required by FIRREA.
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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.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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