Property Valuation
A North Dakota appraiser must report value conclusions that are:
AEqual to the purchase price whenever possible
BSupported by market evidence and developed through objective, impartial analysis✓ Correct
CWithin 5% of the lender's target value
DBased solely on the assessed value
Explanation
USPAP requires appraisers to form and report value conclusions that are supported by objective market evidence and developed through impartial, competent analysis. Appraisers must not let client pressure influence their conclusions.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
AppraisalA 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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Math Concepts
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