Property Valuation
In Colorado, an 'appraisal review' involves:
AThe appraiser revising their original opinion of value
BA different appraiser evaluating the quality and credibility of the original appraiser's report✓ Correct
CThe lender reviewing the appraiser's license
DThe buyer reviewing the appraisal before closing
Explanation
An appraisal review is conducted by a different, qualified appraiser who evaluates the adequacy, appropriateness, and credibility of the original appraisal. Lenders often require desk reviews or field reviews to quality-check appraisals before loan approval.
Related Colorado Property Valuation Questions
- When comparing a comparable sale from 6 months ago in a rising Colorado market, the appraiser should make:
- A Colorado appraiser notes that a property is in a 'declining market.' This means adjustments to older comparable sales should:
- Effective age in a Colorado appraisal differs from actual age because effective age reflects:
- A Colorado appraiser uses the 'Income Capitalization' approach on a commercial property. The NOI is $85,000 and the market cap rate is 6.5%. What is the value?
- A Colorado appraiser who determines a property has 'functional obsolescence' due to an outdated kitchen layout should:
- In Colorado, a 'before and after' valuation method is used in which appraisal context?
- The gross rent multiplier (GRM) is calculated by dividing the:
- An appraiser uses the 'paired sales analysis' technique primarily to:
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