Property Valuation
A Texas property is appraised under USPAP. USPAP Competency Rule requires that an appraiser:
AAlways work alone on each assignment
BHave the knowledge and experience needed for the type of property and the geographic area, or take steps to acquire it✓ Correct
CBe licensed in every state where comparable sales are located
DBe certified in the specific property type before accepting any assignment
Explanation
The USPAP Competency Rule requires appraisers to have the geographic and property-type competency needed for each assignment. If they lack competency, they must disclose this to the client and take steps to acquire the necessary knowledge before completing the assignment.
Related Texas Property Valuation Questions
- Accrued depreciation in the cost approach refers to:
- Functional obsolescence in a property refers to:
- In the income approach, stabilized NOI means:
- The economic principle of conformity in real estate valuation states that:
- In the Texas Austin/San Antonio market, rapid appreciation creates challenges for appraisers primarily because:
- Paired sales analysis is an appraisal technique used to:
- Under Texas Property Tax Code, agricultural land that qualifies for 'ag use' valuation is taxed based on:
- In the sales comparison approach, a comparable sale has a garage valued at $8,000 that the subject property lacks. The appraiser should:
Practice More Texas Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Texas Quiz →