Property Valuation (alternative)
In Maryland, an appraiser's estimate of value is called a(n):
AAppraisal waiver
BOpinion of value✓ Correct
CMarket analysis
DComparable sales report
Explanation
An appraisal is a professional opinion of value (not a guarantee of value) provided by a licensed or certified appraiser based on analysis of market data and relevant methodologies.
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Related Maryland Questions
- An appraiser performing a residential appraisal in Maryland uses three comparable sales that sold 6 months ago. To adjust for market changes since the sales, the appraiser would make a:Property Valuation
- An appraiser's estimate of value for a Maryland property found under the income approach is $600,000 and under the sales comparison approach is $620,000. In reconciliation for a residential property, the appraiser would most likely:Property Valuation
- An appraiser in Maryland who violates the Uniform Standards of Professional Appraisal Practice (USPAP) may face discipline from:Property Valuation
- When a Maryland appraiser uses the cost approach for a 20-year-old residential property, they must estimate accrued depreciation. If the total depreciation is 30%, and the replacement cost new is $400,000, the depreciated value of improvements is:Property Valuation
- The capitalization rate used by a Maryland property manager to estimate property value should reflect:Property Management
- A Maryland home appraiser finds the subject property is 200 sq ft larger than a comparable that sold for $350,000. If the value per square foot is $150, the adjusted comparable value is:Real Estate Math (alternative)
Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
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.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
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