Property Valuation
A South Dakota appraisal 'form report' (Fannie Mae Form 1004 for residential properties) is typically used for:
ACommercial real estate appraisals over $1 million
BSingle-family residential appraisals for mortgage lending✓ Correct
CAgricultural land appraisals
DMulti-family appraisals of 5+ units
Explanation
The Uniform Residential Appraisal Report (URAR / Fannie Mae Form 1004) is the standard form used for single-family residential appraisals in connection with mortgage lending.
Related South Dakota Property Valuation Questions
- In South Dakota, the highest and best use of a property is defined as the use that is:
- Functional obsolescence in a South Dakota property refers to:
- In the South Dakota income approach, 'vacancy and collection loss' is subtracted from potential gross income to arrive at:
- Regression analysis in South Dakota real estate appraisal is a statistical method used to:
- In South Dakota, a comparative market analysis (CMA) prepared by a real estate agent for pricing a listing considers:
- In South Dakota, the 'sales comparison approach' requires comparable sales to be:
- A South Dakota appraiser is asked to determine the value of a 500-unit apartment complex in Sioux Falls. Which approach is most appropriate?
- A South Dakota property's market value is estimated at $250,000 using the sales comparison approach and $280,000 using the cost approach. The appraiser reconciles the value at $255,000. This process is called:
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