Property Valuation
In Washington, an appraisal for a federally related transaction (FHA, VA, conventional with Fannie/Freddie) must be performed by:
AAny licensed real estate broker
BA state-licensed or state-certified real estate appraiser✓ Correct
CA DOL-certified property inspector
DAn assessor's office employee
Explanation
FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act) requires that appraisals for federally related transactions be performed by state-licensed or state-certified appraisers. In Washington, appraisers are licensed/certified by the Department of Licensing.
Related Washington Property Valuation Questions
- The three approaches to value used by Washington appraisers are:
- In the sales comparison approach, an appraiser in Tacoma makes a $5,000 upward adjustment to a comparable for a feature the subject has but the comparable lacks. This means:
- Washington appraiser licensing levels include all of the following EXCEPT:
- A Washington property's land value is $120,000 and the building's depreciated value is $280,000. Under the cost approach, the indicated value is:
- In Washington, a 'fee simple' value and a 'leased fee' value of the same property may differ because:
- In Washington, a 'pocket listing' or off-market sale may affect the accuracy of comparable sales data because:
- The gross income multiplier (GIM) method of valuation uses which time period for income?
- In Washington, an appraiser's scope of work is determined by:
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