Property Valuation
An appraiser performing a Uniform Residential Appraisal Report (URAR) in North Dakota must comply with:
ANorth Dakota state law only
BThe Uniform Standards of Professional Appraisal Practice (USPAP)✓ Correct
CThe National Association of Realtors® Code of Ethics
DRESPA disclosure requirements
Explanation
All licensed and certified appraisers must comply with the Uniform Standards of Professional Appraisal Practice (USPAP), which sets standards for developing and reporting real property appraisals in North Dakota and nationally.
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- A North Dakota appraiser must disclose a material error discovered after submitting the appraisal report. This is required under:Property Valuation
- An appraiser preparing a complete appraisal in North Dakota must follow USPAP Standard 1. This standard covers:Property Valuation
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- A North Dakota appraiser must disclose a prior service relationship with a party to the transaction in their appraisal report because:Property Valuation
- In North Dakota, a written residential lease for more than one year must comply with the: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
Disclosure Requirements
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