Property Valuation
An appraisal conducted for a Pennsylvania federally related mortgage transaction must be performed by a:
ALicensed real estate agent with CMA certification
BState-licensed or state-certified appraiser meeting the requirements of FIRREA✓ Correct
CPennsylvania assessment officer
DLicensed contractor with construction experience
Explanation
FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act) requires that appraisals for federally related mortgage transactions be performed by state-licensed or state-certified appraisers. Pennsylvania's appraiser licensing board ensures compliance with these federal requirements.
Related Pennsylvania Property Valuation Questions
- What does the 'capitalization rate' indicate when applied to income-producing property?
- Paired sales analysis is used by Pennsylvania appraisers to:
- In the cost approach, the reproduction cost differs from replacement cost in that:
- A Harrisburg commercial property generates $120,000 NOI annually and is sold at a 8% cap rate. What is the sale price?
- An appraisal report in Pennsylvania is typically prepared by a licensed or certified appraiser. The term 'market value' means:
- An appraiser inspecting a Philadelphia brownstone notes evidence of a previous fire that was repaired. This represents which type of depreciation?
- Curable depreciation in the cost approach refers to items where:
- An appraiser in Allegheny County (Pittsburgh) must obtain market data for the subject neighborhood's:
Practice More Pennsylvania Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Pennsylvania Quiz →