Property Valuation
What is the Uniform Standards of Professional Appraisal Practice (USPAP) and why does it matter in Nevada?
AA Nevada state law governing real estate appraisals
BNationally recognized standards for real estate appraisal practice — Nevada requires all licensed appraisers to comply with USPAP, ensuring consistency, ethics, and competency✓ Correct
CA uniform standard only for FHA appraisals
DA standard published by the Nevada Real Estate Appraiser Board exclusively
Explanation
USPAP is published by The Appraisal Foundation and represents the recognized ethical and performance standards for appraisers. Nevada requires all state-licensed and state-certified appraisers to comply with USPAP.
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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.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
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