Property Valuation
An appraiser in North Dakota must be licensed or certified because:
AThe NDREC requires it for all real estate activities
BFIRREA requires licensed or certified appraisers for federally related transactions✓ Correct
COnly brokers can order appraisals
DAppraisals are only required for commercial properties
Explanation
FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act) requires that appraisals for federally related transactions be performed by state-licensed or certified appraisers. North Dakota's appraiser certification board oversees licensing under these federal requirements.
Related North Dakota Property Valuation Questions
- Reconciliation in the appraisal process involves:
- In North Dakota, the 'principle of conformity' suggests that:
- A North Dakota office building has a potential gross income of $100,000, vacancy and credit losses of 10%, and operating expenses of $35,000. What is the NOI?
- Which type of value does a North Dakota appraiser typically estimate for mortgage lending purposes?
- External (economic) obsolescence is caused by:
- Which of the following would MOST likely cause an upward adjustment when comparing a comp to the subject property?
- In North Dakota, which factor would most likely DECREASE agricultural land values in the Red River Valley?
- What is a 'gross income multiplier' (GIM) used for in North Dakota commercial property valuation?
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