Property Valuation
In Minnesota, 'extraordinary assumptions' in an appraisal report are used when:
AThe appraiser uses all three approaches to value
BThe appraiser assumes a specific uncertain fact is true (such as that a reported lot size is accurate) and the assumption, if false, would affect the value conclusion✓ Correct
CThe appraiser has never personally inspected the property
DThe appraisal is for a government agency
Explanation
An extraordinary assumption is an uncertain fact that the appraiser assumes to be true for the purpose of the appraisal. If the assumption turns out to be false, the value conclusion would change.
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