Property Valuation
An appraisal is defined as:
AA guarantee of a property's market value
BAn unbiased estimate of a defined value (typically market value) as of a specific date✓ Correct
CA property inspection report
DA price recommendation from the listing agent
Explanation
An appraisal is a professional, unbiased opinion of a defined value (most commonly market value) prepared by a qualified appraiser as of a specific effective date, following USPAP standards.
Related Nebraska Property Valuation Questions
- External obsolescence (economic obsolescence) in an appraisal is caused by:
- The cost approach to value is most reliable when:
- Nebraska farmland productivity ratings (PI ratings) are used by appraisers to:
- The income approach to value is most often used for:
- An appraiser's 'market conditions adjustment' (time adjustment) in the sales comparison approach accounts for:
- Paired sales analysis in appraising is used to:
- A competitive market analysis (CMA) performed by a real estate agent differs from a formal appraisal because a CMA:
- In the income approach, potential gross income (PGI) represents:
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