Property Valuation
A Mississippi appraiser's 'scope of work' for a standard residential appraisal assignment includes all of the following EXCEPT:
AInspection of the subject property
BResearch of comparable sales
CA guarantee of the property's market value✓ Correct
DAnalysis and reconciliation of value indicators
Explanation
Appraisals are opinions of value, not guarantees. An appraiser provides a credible estimate of market value based on research and analysis. The scope of work includes property inspection, comparable research, analysis, and a supported value conclusion — but never a guarantee of value.
Related Mississippi Property Valuation Questions
- Which of the following best defines 'market value' as used in Mississippi real estate appraisal?
- The 'principle of change' in Mississippi real estate valuation acknowledges that:
- A Mississippi property has a net operating income of $18,000 per year. If the capitalization rate is 9%, the indicated value using the income approach is:
- A Mississippi property had gross rents of $24,000 per year. Expenses were $9,600. At a 7% cap rate, the value is approximately:
- In the sales comparison approach, an appraiser found a comparable that recently sold for $285,000 but lacks a swimming pool that the subject property has, valued at $12,000. What is the adjusted sale price of the comparable?
- Which of the following is an example of functional obsolescence in a Mississippi home?
- A Mississippi appraiser adjusts for a comparable sale that occurred 12 months ago. The purpose of the time adjustment is to:
- A Mississippi commercial property generates $72,000 annual net operating income. If the market cap rate is 9%, what is the estimated value?
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