Property Valuation
In North Dakota, a certified general appraiser is qualified to appraise:
AOnly single-family residential properties
BAll types of real property without limitation✓ Correct
COnly commercial properties under $1 million
DOnly agricultural properties
Explanation
A certified general appraiser holds the highest level of appraiser certification and is qualified to appraise all types of real property, including residential, commercial, industrial, and agricultural properties, without limitation.
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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.
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