Property Valuation
In a formal appraisal report, the appraiser certifies that their opinion of value is independent and unbiased. This certification is required under:
AORS Chapter 696 (Oregon real estate license law)
BUSPAP (Uniform Standards of Professional Appraisal Practice)✓ Correct
CRESPA (Real Estate Settlement Procedures Act)
DOregon BOLI regulations
Explanation
USPAP requires appraisers to certify in their reports that the analysis, opinions, and conclusions are independent, impartial, and objective. USPAP's ethics rule prohibits appraisers from accepting assignments contingent on achieving a predetermined value.
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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.
State-Specific Concepts
License Law
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