Property Valuation
When an Oklahoma appraiser assigns 'condition ratings' to a property under UAD (Uniform Appraisal Dataset) requirements, a C3 rating means the property:
AIs brand new with no wear
BIs well-maintained with some normal wear and tear; all major systems are functional but may need updating in the near future✓ Correct
CIs in poor condition with deferred maintenance
DIs uninhabitable
Explanation
UAD condition ratings range from C1 (new) to C6 (severely deteriorated). C3 indicates the home is well-maintained with some normal wear and tear, all major systems functional, and only minor cosmetic updating needed.
People Also Study
Related Oklahoma Questions
- An Oklahoma appraiser completing a full URAR (Uniform Residential Appraisal Report) for a single-family home mortgage loan must comply with:Property Valuation
- The Uniform Appraisal Dataset (UAD) standards used on Fannie Mae/Freddie Mac forms affect Oklahoma residential appraisals by:Property Valuation
- An Oklahoma residential tenant gives proper notice to vacate at lease end. The landlord inspects and finds normal wear and tear plus damage from a pet (prohibited in the lease). The landlord may:Property Management
- An Oklahoma buyer makes a purchase offer of $365,000. The appraiser values the home at $358,000. The lender will finance 80% LTV. How much cash must the buyer bring to closing (down payment + appraisal gap), ignoring closing costs?Real Estate Math
- USPAP (Uniform Standards of Professional Appraisal Practice) requires Oklahoma appraisers to:Property Valuation
- An Oklahoma appraiser who values agricultural land must consider which unique income source beyond typical residential factors?Property Valuation
- Oklahoma's 'as-is' clause means the buyer accepts the property in its current condition. However, the buyer typically retains the right to:Contracts
- A property owner in Oklahoma City wants to operate a small hair salon out of their residential home. The most likely zoning relief needed would be:Land Use & Zoning
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.
Study This Topic
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →