Property Valuation
In South Carolina, what does USPAP stand for, and why is it important?
AUniform Standards of Professional Appraisal Practice — the standards governing licensed appraisers✓ Correct
BUS Property Assessment Protocol — the federal tax assessment standard
CUniform Survey and Property Appraisal Procedures — standards for surveyors
DUS Standards for Property and Appraisal Practice — state licensing standards
Explanation
USPAP (Uniform Standards of Professional Appraisal Practice) sets the ethical and performance standards for appraisers. SC licensed and certified appraisers must comply with USPAP in performing appraisals.
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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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