Property Valuation
A North Dakota appraiser must disclose a prior service relationship with a party to the transaction in their appraisal report because:
AUSPAP requires disclosure of prior services to prevent client pressure✓ Correct
BState law requires disclosure of all prior property sales
CLenders require disclosure of personal relationships
DRESPA mandates disclosure of appraiser relationships
Explanation
USPAP's Ethics Rule requires appraisers to disclose any prior services performed involving the subject property (within the prior 3 years) in the certification portion of the report. This promotes transparency.
Related North Dakota Property Valuation Questions
- A North Dakota appraiser is making adjustments to comparable sales. If a comparable home sold for $250,000 but has an extra bathroom that the subject property lacks, the appraiser would:
- Reconciliation in the appraisal process involves:
- Which principle of value states that a property's maximum value is limited by the cost of acquiring an equally desirable substitute?
- A North Dakota appraiser must report value conclusions that are:
- What is 'plottage value' (plottage increment) in North Dakota real estate appraisal?
- A Bismarck, ND property's appraisal comes in at $5,000 below the purchase price. The lender's appraisal contingency means the buyer:
- When appraising a wheat farm in North Dakota, an appraiser would primarily use:
- What is 'functional obsolescence' as it applies to a 1960s-era home in Grand Forks, ND?
Practice More North Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Dakota Quiz →