Property Valuation
In NC, an appraisal performed for a federally related transaction must be performed by a state-certified or state-licensed appraiser and must comply with:
ANCREC guidelines
BUSPAP (Uniform Standards of Professional Appraisal Practice)✓ Correct
CFannie Mae's appraisal manual only
DThe local county assessor's standards
Explanation
All appraisals for federally related transactions must comply with USPAP. NC appraisers are licensed/certified by the NC Appraisal Board (separate from NCREC) and must follow USPAP standards.
Related North Carolina Property Valuation Questions
- The principle of 'conformity' in NC real estate value states that:
- The 'highest and best use' of a property in NC appraisal practice is defined as the use that is:
- In NC, a 'drive-by appraisal' (exterior-only inspection) differs from a full appraisal in that it:
- A capitalization rate in real estate is:
- The 'market area' for appraising a single-family home in the NC mountains near Asheville would typically be defined as:
- Plottage value in real estate refers to:
- The 'income capitalization approach' is MOST applicable in appraising which type of NC property?
- The 'gross rent multiplier' (GRM) method is considered a quick, simplified income approach. It does NOT account for:
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