Property Valuation
USPAP (Uniform Standards of Professional Appraisal Practice) requires Oklahoma appraisers to:
AOnly use the sales comparison approach
BComply with ethical and competency standards in the development and reporting of appraisals✓ Correct
CSubmit all appraisals to OREC for review
DUse only computer-generated automated valuation models
Explanation
USPAP establishes the ethical and competency requirements for appraisers in the United States, including Oklahoma. Oklahoma-licensed and certified appraisers must comply with USPAP in their appraisal practice.
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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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