Property Valuation
An Oklahoma appraiser must comply with USPAP's Competency Rule if they are asked to appraise a type of property they have not previously appraised. This means they must:
ADecline the assignment
BAcquire the necessary competency through education or consultation before or during the assignment, and disclose any lack of prior experience✓ Correct
CCharge a higher fee to cover the learning curve
DComplete only a desktop appraisal for unfamiliar property types
Explanation
USPAP's Competency Rule requires appraisers to have the knowledge and experience to complete an assignment competently. If they lack competency, they must acquire it before completing the assignment, associate with a competent appraiser, or decline the assignment.
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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.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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.
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