Property Valuation
The Uniform Standards of Professional Appraisal Practice (USPAP) is issued by:
AThe NCREC
BThe Appraisal Standards Board of The Appraisal Foundation✓ Correct
CHUD
DFannie Mae
Explanation
USPAP is promulgated by The Appraisal Standards Board (ASB) of The Appraisal Foundation and establishes minimum professional standards for real property appraisers.
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Related North Carolina Questions
- NC appraisers must comply with the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP requires appraisers to provide:Property Valuation
- In NC, the NC Appraisal Board licenses appraisers in which categories?Property Valuation
- The 'highest and best use' of a property in NC appraisal practice is defined as the use that is:Property Valuation
- In NC appraisal practice, 'paired sales analysis' is used to:Property Valuation
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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