Property Valuation
In appraisal, the 'as-improved' value differs from the 'as-is' value in that:
AA. As-improved refers to the current condition; as-is refers to future potential
BB. As-is reflects the current condition; as-improved reflects the value after proposed improvements are complete✓ Correct
CC. They are identical in Georgia appraiser practice
DD. As-improved requires a separate license
Explanation
As-is value reflects the property in its current condition as of the appraisal date. As-improved (or prospective) value estimates what the property will be worth after proposed construction or renovation is complete, assuming typical completion.
Related Georgia Property Valuation Questions
- The income capitalization approach to value assumes that value is:
- A 'retrospective appraisal' values a property:
- External obsolescence (also called economic or locational obsolescence) is:
- In real estate appraisal, 'highest and best use' must satisfy which criteria?
- In an appraisal, a comparable sale that is superior to the subject property requires the appraiser to:
- In the sales comparison approach, a 'time adjustment' is made when:
- In a residential appraisal, the most important comparable is generally the one that:
- In the income approach, 'potential gross income' (PGI) represents:
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