Property Valuation
What is a 'restricted appraisal report' in Kansas?
AAn appraisal used only for agricultural property
BA condensed appraisal report where full supporting details are retained in the appraiser's workfile rather than included in the report✓ Correct
CAn appraisal restricted to properties under $500,000
DAn appraisal performed without interior access
Explanation
A restricted appraisal report contains minimum information and is intended for a single specified client, with the full support and analysis retained in the appraiser's workfile.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
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