Property Valuation
A North Dakota appraiser must disclose a material error discovered after submitting the appraisal report. This is required under:
ARESPA
BUSPAP's Ethics Rule✓ Correct
CNDREC regulations only
DThe federal appraisal complaint hotline
Explanation
USPAP's Ethics Rule requires appraisers to correct material errors and provide corrected reports. Appraisers have an ethical obligation to maintain the accuracy and integrity of their appraisal work.
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- A North Dakota property manager who fails to file the required trust account reports with their broker is:Property Management
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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.
State-Specific Concepts
DRE Regulation
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