Property Valuation
In Florida, an 'as-is' appraisal values a property:
ABased only on the land value since improvements are sold without warranty
BIn its current physical condition and legal status as of the effective date✓ Correct
CWithout any adjustments for deferred maintenance
DBased on the average condition of similar properties in the market
Explanation
An 'as-is' appraisal reflects the property's value in its current condition — with all existing deficiencies, deferred maintenance, and physical characteristics as they exist on the effective date. This contrasts with a 'subject to' appraisal (based on completion of proposed improvements or repairs) or a 'retrospective' appraisal. As-is appraisals are used in REO sales, estate appraisals, and litigation.
Related Florida Property Valuation Questions
- A Florida appraiser is determining the cost approach value for a 10-year-old building with a total economic life of 50 years. The accrued depreciation percentage is:
- A Florida appraiser's report is classified as a 'desktop appraisal.' This means:
- The 'principle of conformity' in Florida real estate states that value is maximized when:
- A Florida appraiser performing an appraisal for estate tax purposes uses which value standard?
- Under USPAP (Uniform Standards of Professional Appraisal Practice), which of the following would be a violation?
- An appraiser is valuing a Florida convenience store. Which valuation approach would most likely be given the greatest weight?
- Under FIRREA (Financial Institutions Reform, Recovery and Enforcement Act), licensed appraisers in Florida who perform federally related transactions must be:
- An 'absentee owner' discount in property valuation refers to:
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