NC appraisers are required to be licensed or certified by which state body?
Why NC Appraisal Board Is Correct
Answer B: NC Appraisal Board
Exam Tip: Property Valuation
Valuation questions focus on the three approaches to value: sales comparison, cost, and income. Know which approach is best for which property type. The income approach uses cap rate and NOI — memorize these formulas.
Key Property Valuation Terms in This Question
People Also Study
Related North Carolina Questions
- In NC, the NC Appraisal Board licenses appraisers in which categories?Property Valuation
- NC appraisers must comply with the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP requires appraisers to provide:Property Valuation
- The principle of contribution in real estate appraisal states that:Property Valuation
- Highest and best use in appraisal is defined as the use that is:Property Valuation
Key Terms to Know
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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.
Study This Topic
Practice More North Carolina Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →