Property Valuation
The 'Appraisal Foundation' sets USPAP (Uniform Standards of Professional Appraisal Practice) standards for appraisers. USPAP is updated:
AEvery 5 years
BEvery 2 years (effective January 1 of odd-numbered years)✓ Correct
CAnnually
DOnly when Congress mandates changes
Explanation
USPAP is updated every two years by the Appraisal Standards Board of the Appraisal Foundation, becoming effective January 1 of each odd-numbered year. Appraisers must remain current with USPAP updates through continuing education (the 7-hour USPAP update course is required every two years for licensed appraisers).
Related Texas Property Valuation Questions
- A Texas property is appraised under USPAP. USPAP Competency Rule requires that an appraiser:
- In real estate appraisal, 'economic rent' refers to:
- An appraiser in Texas values a property 'as proposed' based on architectural plans. This type of appraisal is known as a(n):
- In Texas, county appraisal district appraisals are conducted as of which date each year?
- In Texas, the income approach formula is:
- When a property's value is affected by 'assemblage,' this refers to:
- When comparing properties, an appraiser notes that a comparable home sold 12 months ago. In a market experiencing 6% annual appreciation, the appraiser should make a:
- In the Texas real estate market, a seller's market is characterized by:
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