Property Valuation
A NH appraiser's USPAP obligation requires that the appraisal report be:
AOnly reviewed by the lender
BSupported by adequate data, analysis, and reasoning that is non-misleading and credible✓ Correct
CPrepared only on Fannie Mae forms
DCompleted in under 24 hours
Explanation
USPAP (Uniform Standards of Professional Appraisal Practice) requires that appraisal reports be non-misleading, adequately supported, and contain sufficient reasoning so that the intended user can understand the conclusions.
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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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