Property Valuation
An appraisal 'review' in Missouri is performed to:
AAppraise the property again independently
BEvaluate the quality, adequacy, and conclusions of an existing appraisal report✓ Correct
CContest the assessed value for tax purposes
DSet a new listing price
Explanation
An appraisal review is a professional service where a licensed appraiser evaluates another appraiser's work product for adequacy, accuracy, and compliance with applicable standards (USPAP). It does not necessarily require a new property inspection.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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.
Math Concepts
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