Property Valuation
A Washington appraiser is preparing an appraisal for a federally related loan transaction. The appraiser must comply with:
AOnly Washington State appraisal licensing standards
BUSPAP (Uniform Standards of Professional Appraisal Practice) and applicable federal and state regulations✓ Correct
COnly the lender's internal appraisal guidelines
DIRS valuation guidelines for estate tax purposes
Explanation
Appraisals for federally related loan transactions must comply with USPAP, which is adopted by reference by federal financial institution regulatory agencies and Washington's appraiser certification statutes. USPAP establishes minimum standards for appraisal practice.
Related Washington Property Valuation Questions
- In Washington, an appraisal for a federally related transaction (FHA, VA, conventional with Fannie/Freddie) must be performed by:
- Economic obsolescence (external obsolescence) in property valuation is caused by:
- Reconciliation in a Washington appraisal report means:
- Effective age differs from actual age in appraisal because:
- A Washington appraiser uses the gross rent multiplier (GRM) method. A small rental property has a monthly rent of $2,500 and the GRM for the area is 150. The indicated value is:
- In Washington, the 'income capitalization' approach is most appropriate for which type of property?
- In Washington, a broker competitive market analysis (CMA) is used primarily for:
- In Washington, a 'pocket listing' or off-market sale may affect the accuracy of comparable sales data because:
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