Property Valuation
The term 'as-is market value' in an appraisal means:
AThe value assuming renovations are completed
BThe value of the property in its current physical and legal condition as of the effective appraisal date✓ Correct
CThe value assuming the highest and best use
DThe insured value of the property
Explanation
'As-is market value' reflects the property's current condition and all other factors as of the effective date, without assuming any future improvements, repairs, or changes in market conditions.
Related Arkansas Property Valuation Questions
- A property's assessed value for tax purposes is determined by:
- An appraiser is required to be an 'independent, disinterested third party.' This means the appraiser:
- A property's highest and best use is defined as the use that is:
- The term 'as improved' in an appraisal refers to:
- A property has 10 units renting at $800/month each. All units are currently occupied. Operating expenses are $40,000 annually. What is the NOI?
- A property's value is most likely to be reduced by external obsolescence if it is:
- When a comparable sale was a foreclosure or distressed sale, the appraiser should:
- Which type of depreciation is caused by factors OUTSIDE the property, such as a nearby highway being constructed?
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