Property Valuation
An appraiser performing a Pennsylvania residential appraisal must be licensed or certified under which federal-state framework?
APREC licensing as a real estate broker
BThe Pennsylvania State Board of Certified Real Estate Appraisers under the Appraiser Qualifications Board standards✓ Correct
CA national NAR designation only
DPADEP certification for environmental properties
Explanation
Pennsylvania appraisers must be licensed or certified by the Pennsylvania State Board of Certified Real Estate Appraisers. The Board follows federal Appraiser Qualifications Board (AQB) standards, including licensed appraiser, certified residential appraiser, and certified general appraiser levels.
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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.
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