Property Valuation
Under USPAP Standards Rule 1-1, a Washington appraiser is responsible for:
AMeeting the client's desired value outcome
BBeing competent to perform the assignment and comply with all applicable standards✓ Correct
CCompleting the appraisal as quickly as possible
DUsing only one approach to value in every appraisal
Explanation
USPAP Standards Rule 1-1 requires appraisers to be competent (or acquire competency before accepting an assignment), comply with USPAP, and not commit substantial errors. The Competency Rule requires appraisers to have the knowledge and experience for the type of property and market being appraised.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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