Property Valuation
An appraiser's certification in the appraisal report states that the opinion of value is:
AA guarantee of the property's worth
BThe appraiser's unbiased, professional opinion based on analysis of available data✓ Correct
CThe exact amount the property will sell for
DA legally binding price for any future transaction
Explanation
An appraisal is the appraiser's professional, unbiased opinion of value based on analysis of market data — it is not a guarantee of selling price.
Related Alabama Property Valuation Questions
- Effective age of a building differs from actual (chronological) age because effective age:
- Physical deterioration that can be economically repaired is called:
- A property purchased for $280,000 with improvements costing $45,000 was sold 2 years later for $370,000. What is the total gain?
- Regression in real estate appraisal means:
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- An appraisal that values property for insurance purposes uses which value concept?
- Market value is best defined as:
- An Alabama appraiser uses the income approach to value a rental property. The key formula is:
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