Property Valuation
A NH appraiser's certification that the report was prepared in compliance with USPAP is part of their obligation under:
AThe federal Fair Housing Act
BThe Uniform Standards of Professional Appraisal Practice (USPAP), which governs appraisers nationwide✓ Correct
CThe NHREC rules for brokers
DThe NH Mortgage Banking Act
Explanation
USPAP is the national standard for appraisal practice, adopted by state appraiser licensing laws. NH appraisers must comply with USPAP, including certification requirements in each appraisal report.
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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.
Fair Housing ActFederal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
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.
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