Property Valuation
Under USPAP (Uniform Standards of Professional Appraisal Practice), a Virginia appraiser must:
AAlways use all three approaches to value
BPerform assignments competently, independently, and without bias✓ Correct
CUse only data from the MLS for comparable sales
DAccept all assignments offered by lenders
Explanation
USPAP requires appraisers to perform all appraisal assignments competently, maintain independence (not be influenced by the client's desired value), and comply with all applicable ethical and performance standards.
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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.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
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