Property Valuation
A South Dakota appraisal is performed for a federally related transaction. The appraiser must comply with:
AOnly local South Dakota appraisal standards
BUSPAP (Uniform Standards of Professional Appraisal Practice)✓ Correct
CSDREC licensing rules only
DHUD's minimum property standards only
Explanation
All federally related transactions require appraisals performed in compliance with USPAP, as administered by the Appraisal Foundation and enforced by state licensing boards.
Related South Dakota Property Valuation Questions
- In South Dakota, which of the following is NOT a characteristic of a good comparable sale used in the sales comparison approach?
- The 'income multiplier approach' in South Dakota is a simplified valuation tool. An annual gross income multiplier (AGIM) divides the sale price by:
- Assessed value for property tax purposes in South Dakota is typically:
- A South Dakota appraisal report finds a comparable sale with seller concessions of $12,000. The sale price was $280,000. For comparison purposes, the adjusted sale price used in the appraisal is:
- Depreciation in real estate appraisal refers to:
- In South Dakota, which of the following would cause the cap rate for an investment property to INCREASE?
- In South Dakota, the 'sales comparison approach' requires comparable sales to be:
- An appraiser uses the income capitalization approach to value a South Dakota commercial property. The net operating income is $75,000 and the capitalization rate is 8%. What is the indicated value?
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