Valuation & AppraisalPregunta 91 de 120
An appraisal is best described as:
a.An opinion or estimate of value as of a specific date
b.A guarantee of the exact future sale price
c.A legal transfer of title
d.A type of mortgage loan
Explicación
An appraisal is a professional, supportable opinion of value as of a particular date, not a guarantee of price. Appraisers use recognized approaches to reach their conclusion. Lenders rely on appraisals to ensure the loan is adequately secured.
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- The appraisal principle stating that a buyer will pay no more than the cost of an equally desirable substitute property is:
- The cost approach to value is often most appropriate for:
- In the income approach, the relationship used to convert net operating income into value is the:
- Depreciation in appraisal that results from outdated design or features, such as an obsolete floor plan, is called:
- A loss in property value caused by negative factors outside the property, such as a nearby factory or declining neighborhood, is:
- The concept of 'highest and best use' refers to the use that is:
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