Property Valuation
The Uniform Appraisal Dataset (UAD) standards used on Fannie Mae/Freddie Mac forms affect Oklahoma residential appraisals by:
ARequiring Oklahoma appraisers to use different value standards than USPAP
BStandardizing how condition, quality, and other property characteristics are reported on GSE forms, improving consistency✓ Correct
CEliminating the need for comparable sales analysis
DReplacing the USPAP requirements for federally related transactions
Explanation
The UAD standardizes how appraisers describe and rate property characteristics on Fannie Mae/Freddie Mac forms, using standardized condition ratings (C1-C6), quality ratings (Q1-Q6), and other consistent descriptors to improve data comparability.
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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.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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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