Property Valuation
The Tennessee Appraiser Certification and Licensure Board (TACLB) is the state agency that:
ASets commission rates for real estate appraisers in Tennessee
BLicenses and regulates real estate appraisers in Tennessee✓ Correct
CReviews all FHA appraisals before lender submission
DAdministers TREC's continuing education requirements
Explanation
TACLB is the state agency responsible for issuing appraiser licenses and certifications, administering examinations, and regulating appraiser conduct in Tennessee. Appraisers are separate from real estate brokers and are licensed under TACLB, not TREC.
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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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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.
Math Concepts
State-Specific Concepts
Continuing EducationTREC Regulation
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