Property Valuation (alternative)
A Maryland appraiser includes a limiting condition in their report stating that the appraisal assumes no environmental hazards exist. This is called a(n):
AExtraordinary assumption
BHypothetical condition
CLimiting condition✓ Correct
DScope of work limitation
Explanation
A limiting condition in an appraisal report limits the scope of the appraiser's responsibility — for example, assuming no environmental issues without specific environmental testing.
Related Maryland Property Valuation (alternative) Questions
- Maryland's assessment appeals process begins with a request for a hearing with:
- In Maryland, the income capitalization approach values property by:
- A Maryland neighborhood with predominantly aging, poorly maintained properties and declining values is said to be in a phase of the property cycle known as:
- A Maryland appraiser who finds that the subject property's neighborhood has been declining due to nearby industrial development would note this as:
- In Maryland, the term 'as-improved' value in an appraisal means:
- The 'price per square foot' metric in Maryland real estate analysis is a:
- When comparing sales in the same Maryland neighborhood, an appraiser should give the most weight to comparables that are:
- The 'economic rent' of a property exceeds the 'contract rent' when:
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