Property Valuation
In Louisiana appraisal, the 'scope of work' in an assignment is determined by:
AThe client's desired value range
BWhat is necessary to produce credible assignment results — the appraiser and client define this through the problem identification process✓ Correct
CLREC minimum standards for all appraisals
DThe amount of the loan being secured
Explanation
Under USPAP, the scope of work is what is necessary to produce credible results given the intended use. The appraiser determines the appropriate scope based on assignment conditions — property type, complexity, available data, and intended use.
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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.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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