Property Valuation
An appraiser in NJ must sign and certify that the appraisal was prepared in conformance with:
ANJREC guidelines
BThe Uniform Standards of Professional Appraisal Practice (USPAP) as published by the Appraisal Foundation✓ Correct
CThe NJ Mortgage Lenders Association standards
DFederal Reserve guidelines
Explanation
All appraisals by NJ-licensed appraisers must comply with USPAP (Uniform Standards of Professional Appraisal Practice), the national ethical and performance standards for appraisers published by the Appraisal Foundation.
Related New Jersey Property Valuation Questions
- In the sales comparison approach, adjustments are made to the comparable sales to:
- Depreciation in the cost approach is measured as:
- The income capitalization approach to value is most appropriate for:
- An appraiser for a NJ income property uses a 5% vacancy factor. If the gross potential rent is $180,000, what is the vacancy allowance?
- An appraiser in New Jersey notes that a property is being sold under extreme financial distress (bank sale). This would affect which appraisal concept?
- An appraiser completing a market study for a proposed 50-unit apartment complex in Newark, NJ would analyze all of the following EXCEPT:
- When appraising a NJ property using the cost approach, the appraiser estimates replacement cost new and then deducts:
- In NJ, a 'retrospective appraisal' values property as of a past date. This is often needed for:
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