Property Valuation
In Washington, USPAP (Uniform Standards of Professional Appraisal Practice) governs appraisers because:
AWashington has no state appraisal laws
BWashington adopted USPAP as the state standard for licensed and certified appraisers✓ Correct
COnly FHA-approved appraisers must follow USPAP
DUSPAP applies only to commercial appraisals
Explanation
Washington adopted USPAP as the standard of professional conduct for all licensed and certified appraisers in the state. USPAP compliance is required for federally related transactions and is considered the national standard.
Related Washington Property Valuation Questions
- An appraiser is asked to provide a 'retrospective appraisal' of a Washington property. This means the appraisal:
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- In Washington, an appraiser who discovers evidence of recent sales manipulation in the comparables data should:
- An appraiser notes that a Tacoma neighborhood has experienced significant economic decline, with empty storefronts and declining rents. This type of depreciation affecting the subject property is:
- In the cost approach, the cost to construct a new building is estimated at $2,200,000. The appraiser determines accrued depreciation of 35%. The land value is $400,000. What is the indicated value using the cost approach?
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- When an appraiser applies the income approach to a commercial property, the Net Operating Income (NOI) is calculated BEFORE deducting:
- 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:
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