Property Valuation
In North Dakota, appraisers must comply with the Uniform Standards of Professional Appraisal Practice (USPAP) because:
AUSPAP is a North Dakota state statute
BUSPAP is the nationally recognized ethical and performance standard for appraisers, required for federally related transactions✓ Correct
CUSPAP is required only for commercial appraisals
DUSPAP is voluntary and rarely followed
Explanation
USPAP is the recognized ethical and performance standards for the appraisal profession, developed by the Appraisal Standards Board. Compliance is required for all federally related transactions and is a condition of state appraiser licensing.
Related North Dakota Property Valuation Questions
- In North Dakota, the 'cost approach' is particularly useful for valuing:
- An appraiser performing a retrospective appraisal for estate tax purposes in North Dakota must value the property:
- A North Dakota appraiser observes that a neighborhood has 'declining economic vitality' characterized by high vacancy rates and falling property values. This describes a neighborhood in:
- What does 'depreciated cost' mean in the North Dakota cost approach to appraisal?
- An appraiser must remain 'independent' of the transaction, meaning:
- In North Dakota, when an appraiser uses an automated valuation model (AVM) to assist in valuing a property, USPAP requires the appraiser to:
- A North Dakota appraiser values a property using the cost approach. The site value is $60,000, improvement reproduction cost is $250,000, and total depreciation is $75,000. The indicated value is:
- An appraiser notes 'external obsolescence' in a North Dakota property located next to a newly built ethanol plant. This type of depreciation is:
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