Property Valuation
In Tennessee, USPAP (Uniform Standards of Professional Appraisal Practice) requires appraisers to:
AUse only the sales comparison approach for residential properties
BDevelop and communicate appraisals in a manner that is not misleading and supports the appraiser's opinions✓ Correct
CSubmit all appraisals to TREC for review
DCharge standard fees set by the Tennessee Appraiser Board
Explanation
USPAP establishes the ethical and performance standards for appraisers. It requires that appraisals be developed and communicated in an objective, unbiased manner with adequate support for the appraiser's conclusions.
Related Tennessee Property Valuation Questions
- The 'highest and best use' of a property is defined as the use that is:
- In Tennessee, an appraisal's 'reconciliation' step involves:
- In Tennessee, the Uniform Standards of Professional Appraisal Practice (USPAP) are important because they:
- In Tennessee, which type of depreciation is caused by changes in the surrounding neighborhood, such as industrial development near a residential area?
- Which type of depreciation in the cost approach is considered 'incurable'?
- In Tennessee, which of the following would be considered 'external obsolescence' in the cost approach?
- In Tennessee, an appraiser who determines that a property's highest and best use is different from its current use will likely:
- In Tennessee, 'plottage value' refers to:
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