Chapter 1
Property Rights and Interests
Course: Texas Real Estate Exam Prep
Subject: Texas State Salesperson Exam Prep
Chapter: Appraisal And Valuation Of Texas Real Estate Salesperson Exam Prep
USPAP - Uniform Standards of Professional Appraisal Practice
Governing Standards: All appraisers must follow USPAP
Key Requirements:
- Independence and objectivity
- Competency
- Proper methodology
- Complete documentation
- Accurate reporting
Appraisal Report Contents
- Property Identification
- Address
- Legal description
- Property type
- Purpose and Intended Use
- Market value
- Lending decision
- Insurance
- Taxation
- Effective Date
- Date of value opinion
- Property Analysis
- Site description
- Improvement description
- Condition rating
- Market Analysis
- Neighborhood analysis
- Market trends
- Supply and demand
- Approaches to Value
- Sales comparison (most weight for residential)
- Cost approach
- Income approach (if applicable)
- Reconciliation
- Analysis of approaches
- Final value opinion