Property Valuation
In Utah, an appraisal for a federally related transaction must be conducted by:
AAny licensed real estate agent
BA state-certified or state-licensed appraiser under FIRREA✓ Correct
COnly a MAI-designated appraiser
DThe county assessor
Explanation
FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act) requires that appraisals for federally related transactions be performed by state-certified or licensed appraisers meeting federal minimum standards.
People Also Study
Related Utah Questions
- The Utah Recovery Fund compensates consumers who have suffered financial loss due to a licensed agent's conduct. The maximum claim per licensee per transaction is:Utah License Law
- In a Utah deed of trust foreclosure, the trustee's sale (non-judicial foreclosure) requires a minimum notice period of:Finance
- When selling a pre-1978 home in Utah, federal law requires disclosure of:Environmental
- Asbestos abatement in Utah requires licensed contractors because:Environmental
- Utah requires the first-year continuing education for a newly licensed sales agent to include a required course on:Utah License Law
- In Utah, Uniform Standards of Professional Appraisal Practice (USPAP) compliance is required for:Property Valuation
- An appraisal review in Utah is conducted to:Property Valuation
- In Utah's appraisal process, the final step of reconciliation requires the appraiser to:Property Valuation
Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
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.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Study This Topic
Practice More Utah Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Utah Quiz →