Broker Dana Ruiz needs an appraisal for a complex four-unit residential property with a transaction value of $350,000. Assuming the state follows AQB minimum classification standards and offers all classifications, what is the minimum appraiser classification that may perform the appraisal?
Correct Answer
D) Licensed Residential Appraiser
Under the AQB minimum classifications, a Licensed Residential Appraiser may appraise complex one-to-four residential units when the transaction value is less than $400,000. Because this property is complex, residential, one-to-four units, and valued at $350,000, that is the minimum qualifying classification.
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Related Concepts
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The income approach estimates a property's value based on the income it generates by converting net operating income into a value estimate using a capitalization rate. It is the preferred method for income-producing properties.
Many states have laws to limit how much property taxes can increase each year, regardless of market value fluctuations.
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A lender is reviewing a residential appraisal report for compliance with current secondary-market standards. Which of the following actions is NOT listed as an unacceptable appraisal practice?
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A lender first orders an appraisal on a mixed-use building with retail space and apartments, then asks about a later assignment involving industrial land. Which credential clearly has authority to appraise all types of real property under AQB minimum classifications?