Property Valuation
In Missouri, a 'certified residential appraiser' may appraise:
AOnly properties under $250,000
BResidential properties of all values (no dollar limit for certified appraisers)✓ Correct
COnly commercial properties
DOnly new construction
Explanation
A Missouri certified residential appraiser (unlike a licensed appraiser) may appraise all residential properties regardless of dollar amount. Licensed appraisers in Missouri have transaction value limits.
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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.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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.
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