Property Valuation
A Maine appraiser is asked to provide a 'retrospective appraisal' (appraising as of a past date). This may be needed for:
ADetermining future listing price
BEstate settlement, tax disputes, or litigation involving a past transaction✓ Correct
CSetting a current asking price
DObtaining a new mortgage
Explanation
Retrospective appraisals determine a property's value as of a specific date in the past and are used in estate settlements, property tax appeals, divorce proceedings, or litigation where historical value is relevant.
People Also Study
Related Maine Questions
- A Maine appraiser is asked to provide a 'restricted use appraisal report.' This type of report is:Property Valuation
- A Maine appraiser is asked to determine the 'as improved' vs. the 'as if vacant' value. This distinction is important for:Property Valuation
- A Maine appraiser uses a paired sales analysis to determine that a garage adds $18,000 to property value. This technique is used in the:Property Valuation
- An appraiser in Maine performing a 'retrospective appraisal' for a property that sold 3 years ago will use comparable sales that are:Property Valuation
- A Maine real estate purchase agreement that lacks a specific closing date is:Contracts
Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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.
Study This Topic
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →