Property Valuation
A West Virginia appraiser who fails to make a required disclosure in an appraisal report (such as a prior appraisal of the same property) violates:
AOnly the lender's internal guidelines
BUSPAP's Standards Rule requiring appraisers to disclose prior services performed on the subject property within the past 3 years✓ Correct
COnly state appraiser licensing law
DNo rule — prior appraisals are confidential
Explanation
USPAP requires appraisers to disclose in the report whether they performed any prior services on the subject property within the preceding 3 years. Failing to do so violates USPAP and may compromise the report's credibility.
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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.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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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