Property Valuation
An appraiser who conducts an appraisal for a client who is also the appraiser's relative must:
AProceed normally as family relationships are not relevant
BDisclose the relationship in the appraisal report and evaluate whether they can remain objective✓ Correct
CAutomatically decline the assignment
DCharge a higher fee to compensate for the relationship
Explanation
Under USPAP, appraisers must maintain objectivity and disclose any relationship that could appear to compromise their independence. A family relationship requires disclosure and self-evaluation of ability to be objective.
Related Georgia Property Valuation Questions
- In the sales comparison approach, a 'time adjustment' is made when:
- In an appraisal, a comparable sale that is superior to the subject property requires the appraiser to:
- In the cost approach, the formula for estimating value is:
- The land residual technique in appraising is used when:
- A Georgia property has an annual NOI of $54,000 and a capitalization rate of 6%. What is the estimated value?
- A Georgia appraisal shows that a comparable property sold for $315,000 with a two-car garage. The subject property has a one-car garage. The appraiser estimates that the difference in garage value is $8,000. The adjustment to the comparable is:
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