NC appraisers must comply with the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP requires appraisers to provide:
Why An unbiased, independent, and credible opinion of value Is Correct
Answer B: An unbiased, independent, and credible opinion of value
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
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Related North Carolina Questions
- The Uniform Standards of Professional Appraisal Practice (USPAP) is issued by:Property Valuation
- Market value in a real estate appraisal assumes all of the following EXCEPT:Property Valuation
- An NC appraiser's opinion of value must be 'credible' according to USPAP. Credible means the value conclusion is:Property Valuation
- The sales comparison approach to value is most appropriate for:Property Valuation
Key Terms to Know
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
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