Property Valuation
A real estate appraiser who develops an 'as-is' market value on a property in poor condition will:
AValue it as if repaired
BValue it in its current condition with all deficiencies reflected✓ Correct
CValue it at land value only
DRefuse the assignment
Explanation
An 'as-is' appraisal reflects the property's current condition — including all deficiencies, deferred maintenance, and physical deterioration — giving the lender and buyer the true current market value.
Related Georgia Property Valuation Questions
- A broker's price opinion (BPO) is most commonly used by:
- In the cost approach, after determining the replacement cost new, the appraiser deducts:
- Which type of depreciation in the cost approach is considered incurable because it comes from outside the property?
- The principle of substitution states that:
- An appraiser makes a final value conclusion by reconciling the three approaches. This process is called:
- A Georgia commercial property has potential gross income of $120,000, vacancy and credit loss of 8%, and operating expenses of $40,000. Using the income approach with a cap rate of 9%, what is the estimated value?
- Functional obsolescence in a property is caused by:
- The income multiplier method uses which of the following to estimate value?
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