Property Valuation
What is the primary reason Nevada residential appraiser must physically inspect the property?
ANevada law requires personal inspection for all appraisals
BPhysical inspection allows the appraiser to verify property condition, identify undisclosed features or defects, assess quality of construction, and confirm information that cannot be verified remotely✓ Correct
CPhysical inspection is only required for properties over $1 million
DPhysical inspection is optional if the appraiser has satellite photos
Explanation
Physical inspection is the standard of care in residential appraisal. The appraiser must personally observe the property to assess condition, quality, design, and any unusual features or defects.
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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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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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