Property Valuation
An 'appraisal review' is performed by:
AA. The buyer's real estate agent
BB. A licensed or certified appraiser who evaluates the quality and accuracy of another appraiser's report✓ Correct
CC. The title company
DD. The Colorado Division of Real Estate
Explanation
An appraisal review is a separate appraisal product performed by a licensed or certified appraiser who analyzes another appraiser's work for accuracy, completeness, and compliance with USPAP (Uniform Standards of Professional Appraisal Practice). Lenders often require appraisal reviews for quality control.
Related Colorado Property Valuation Questions
- A Colorado appraiser's 'reconciliation' note states that 'greatest weight was given to the sales comparison approach.' This is because:
- The 'market value' of a property in Colorado is best defined as:
- When performing a sales comparison approach, an appraiser adjusts for differences between the subject property and comparables. If a comparable has a feature the subject lacks, the appraiser should:
- Which appraisal approach would an appraiser most likely use to value a newly constructed home where there are no comparable sales in the immediate area?
- The reliability of the sales comparison approach in Colorado appraisal is most affected by:
- An appraisal for a federally related transaction in Colorado must be performed by:
- A Colorado appraiser uses three comparable sales to value a home. Comp 1 requires a $5,000 upward adjustment for a bedroom. Comp 2 requires a $3,000 downward adjustment for a garage. Comp 3 requires no adjustments and sold for $385,000. Which comp is the most reliable indicator of value?
- The principle of substitution in real estate appraisal states that:
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