Property Valuation
An appraisal done for a refinance is often based on the assumption that:
AThe property is vacant
BThe current owner continues to occupy the property✓ Correct
CA new buyer is purchasing the property
DThe market is declining
Explanation
A refinance appraisal estimates the market value of the property in its current use and condition, typically assuming continued ownership and occupancy by the current owner.
Related Georgia Property Valuation Questions
- The cost approach to value is most reliable for:
- In the cost approach to value, 'reproduction cost' differs from 'replacement cost' in that:
- When an appraiser reports a value 'subject to completion' on a new construction, this means:
- The 'income approach' to value is MOST appropriate for:
- In real estate appraisal, 'highest and best use' must satisfy which criteria?
- A real estate professional preparing a Comparative Market Analysis (CMA) must disclose that a CMA is:
- The 'principle of progression' in real estate states that:
- In the income approach, 'contract rent' refers to:
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