Property Valuation
An Oregon appraiser completing a residential appraisal must meet which professional standard?
AOnly Oregon state appraisal licensing requirements
BUSPAP (Uniform Standards of Professional Appraisal Practice)✓ Correct
CNAR Code of Ethics
DOREA licensing rules
Explanation
Oregon licensed and certified appraisers must comply with USPAP (Uniform Standards of Professional Appraisal Practice), which sets minimum standards for appraisal practice, ethics, and reporting. USPAP is adopted by reference in Oregon appraisal licensing law.
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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.
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.
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