Property Valuation
An appraisal is best defined as:
AAn estimate of a property's market value by a qualified appraiser✓ Correct
BThe assessed value set by the county for tax purposes
CThe listing price set by the broker
DThe price agreed upon by buyer and seller
Explanation
An appraisal is a professional, unbiased estimate of a property's value (most often market value) prepared by a licensed or certified appraiser using recognized methods.
Related Arkansas Property Valuation Questions
- Physical deterioration that can be corrected at a cost that is less than the resulting increase in value is called:
- Accrued depreciation in the cost approach equals:
- Depreciation in appraisal refers to:
- Functional obsolescence in a property is caused by:
- Economic life of an improvement refers to:
- The principle of progression in real estate valuation states that:
- The principle of HIGHEST AND BEST USE means the use that is:
- The income approach to value is based on the principle that a property's value is related to:
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