Property Valuation
An appraisal report for a South Dakota property prepared for a federally related transaction must be performed by:
AAny licensed real estate agent
BA state-licensed or state-certified appraiser✓ Correct
CA member of the SDREC
DA licensed mortgage broker
Explanation
Federal regulations require appraisals for federally related transactions to be performed by state-licensed or state-certified appraisers who meet USPAP (Uniform Standards of Professional Appraisal Practice) requirements.
Related South Dakota Property Valuation Questions
- In South Dakota real estate, 'economic life' of a building refers to:
- 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:
- A South Dakota property's 'gross potential income' assumes:
- A South Dakota appraiser makes adjustments in the sales comparison approach by:
- The 'appraisal process' in South Dakota follows a standard sequence. Which step comes FIRST?
- In South Dakota, 'paired sales analysis' in appraisal is used to:
- A South Dakota appraiser includes a 'certification' in an appraisal report. This certification states that:
- External (economic) obsolescence in a South Dakota property could be caused by:
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