Property Valuation
An appraiser in Hawaii is required to maintain independence from the parties in a transaction because:
AA. This is a courtesy requirement only
BB. Independence ensures an unbiased estimate of market value✓ Correct
CC. It reduces the appraiser's legal liability
DD. It allows the appraiser to refuse difficult assignments
Explanation
Appraiser independence is required by USPAP (Uniform Standards of Professional Appraisal Practice) and federal law to ensure that the appraisal reflects objective market value without undue influence.
Related Hawaii Property Valuation Questions
- Which appraisal approach is most commonly used to value single-family residences in Hawaii?
- What is 'value in use' versus 'value in exchange' in real estate valuation?
- When a Hawaii appraiser uses the cost approach for a 30-year-old home, they must account for which type of depreciation most significantly?
- In a comparable sales analysis, a subject property lacks a garage that the comparable has. The appraiser would make a:
- The effective gross income (EGI) of a rental property is calculated as:
- The principle that value is created and sustained when property uses conform to existing neighborhood standards is known as:
- An appraiser making an adjustment to a comparable sale for a superior feature means the adjusted value of the comparable is:
- What is capitalization rate (cap rate) used for in Hawaii real estate appraisal?
Practice More Hawaii Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Hawaii Quiz →