Property Valuation
A Maine appraiser must maintain independence from the client and produce an appraisal that reflects:
AThe value the lender needs for the loan
BAn unbiased opinion of value✓ Correct
CThe price the seller wants
DThe assessed value from the town
Explanation
USPAP (Uniform Standards of Professional Appraisal Practice) requires appraisers to provide unbiased, independent opinions of value. Appraisers must not allow pressure from clients to influence their conclusions.
Related Maine Property Valuation Questions
- A Maine appraiser values a single-family home using three approaches: sales comparison ($315,000), cost approach ($320,000), and income approach ($305,000). The appraiser's final reconciled value is typically:
- A Maine appraiser's report is considered confidential and may be shared with:
- In real estate appraisal, a 'comparable sale' (comp) used in the sales comparison approach should be:
- A Maine appraiser is determining the value of a vacant lot for a proposed single-family home. The appraiser would primarily use which approach?
- The principle of 'regression' in real estate valuation states that:
- In Maine, the principle of 'substitution' in appraisal states that:
- A Maine appraiser uses the 'gross rent multiplier' (GRM) method. A property rents for $1,200/month and comparable sales suggest a GRM of 130. The estimated value is:
- A Maine appraiser making adjustments to comparable sales adjusts:
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