Property Valuation
Under USPAP (Uniform Standards of Professional Appraisal Practice), an appraiser's 'scope of work' must be:
AAlways the same for every appraisal
BSufficient to produce credible assignment results appropriate for the intended use✓ Correct
CDetermined solely by the client's budget
DLimited to a maximum of 5 comparable sales
Explanation
USPAP requires appraisers to identify an appropriate scope of work that will result in credible assignment results. The scope must be tailored to the specific property, client, and intended use. Appraisers cannot reduce scope of work simply to reduce cost or produce a predetermined value.
Related Texas Property Valuation Questions
- Functional obsolescence in a property refers to:
- In a competitive market, the value of a property 'regresses' when:
- The economic principle of conformity in real estate valuation states that:
- A Texas appraiser completes a desk review of an appraisal report. A desk review involves:
- Texas Property Tax Code requires that property be valued at market value. 'Market value' is defined as the price a property would bring if:
- A property appraiser must reconcile value indications from multiple approaches. The weight given to each approach should be based on:
- A Texas appraiser determines that a comparable sale was made under duress (e.g., foreclosure). This sale should typically:
- When appraising a single-family home, the sales comparison approach requires adjustments when comparable sales differ from the subject property. A positive adjustment means:
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