Property Valuation
A Pennsylvania appraiser must retain a copy of completed appraisal reports for at least:
A1 year
B2 years
C5 years✓ Correct
D7 years
Explanation
Under USPAP record-keeping rules, Pennsylvania appraisers must retain a copy (paper or electronic) of completed appraisal reports for at least 5 years after preparation, or 2 years after final disposition of any judicial proceeding in which the appraiser testified, whichever is longer.
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- USPAP (Uniform Standards of Professional Appraisal Practice) requires Pennsylvania appraisers to:Property Valuation
- An appraisal report in Pennsylvania is typically prepared by a licensed or certified appraiser. The term 'market value' means:Property Valuation
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- A Pennsylvania appraiser's assignment conditions for a retrospective appraisal (historical date of value) would use market data from:Property Valuation
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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