Property Valuation
An appraisal that uses only one approach (e.g., sales comparison) without considering others may be:
AThe most accurate method for all property types
BAppropriate for some property types but may not fully reflect all value indicators✓ Correct
CRequired by Nebraska state law for residential properties
DProhibited by USPAP for all lender-ordered appraisals
Explanation
USPAP requires appraisers to consider all applicable approaches to value and explain why any approach was not used. Single-approach appraisals may be appropriate in some cases but the appraiser must justify the omission.
Related Nebraska Property Valuation Questions
- The cost approach to appraisal is most reliable for:
- When an appraiser makes adjustments in the sales comparison approach, adjustments are made to:
- A Nebraska appraiser valuing a 640-acre irrigated corn farm would place the highest weight on which approach?
- External obsolescence (economic obsolescence) in an appraisal is caused by:
- Gross Rent Multiplier (GRM) is calculated as:
- An appraiser who is asked to value a property for an estate sale must be careful that the value is as of:
- A competitive market analysis (CMA) performed by a real estate agent differs from a formal appraisal because a CMA:
- The Uniform Standards of Professional Appraisal Practice (USPAP) applies to Nebraska appraisers because:
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