Property Valuation
In Missouri, an 'automated valuation model' (AVM) like those used by online real estate sites:
AIs an official appraisal accepted by all lenders
BProvides a statistical estimate of value but does not substitute for a licensed appraisal for most lending purposes✓ Correct
CIs more accurate than a licensed appraisal
DIs regulated and approved by MREC
Explanation
AVMs (like Zillow's Zestimate) provide algorithmic value estimates based on comparable sales data. They are not formal appraisals, lack property inspections, and are not accepted as appraisals for most federally-related mortgage transactions.
Related Missouri Property Valuation Questions
- Which type of depreciation in Missouri is considered incurable because the cost to fix it exceeds the value added?
- A Missouri appraiser's 'scope of work' determination under USPAP refers to:
- Remaining economic life in Missouri appraisal is used to:
- In Missouri appraisal practice, 'accrued depreciation' is the difference between:
- In Missouri, a property with an undesirable easement (e.g., utility corridor) would most likely sell for:
- Which of the following is NOT a step in the sales comparison approach used by Missouri appraisers?
- A Missouri appraiser notes that a property in the St. Louis metro has 'curable deferred maintenance' of $8,000. This means:
- A Missouri property is listed at $325,000. Three comparable sales showed values of $315,000, $320,000, and $318,000. The indicated market value is approximately:
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