Property Valuation
What is a retroactive appraisal in Nevada legal proceedings?
AAn appraisal that predicts future value
BAn appraisal with an effective date in the past, used in estate valuations, divorce proceedings, or tax disputes✓ Correct
CAn appraisal ordered retroactively by a lender after closing
DA re-appraisal of a property after improvements
Explanation
A retroactive appraisal has an effective date in the past. It is used in estate tax valuations (date of death), gift tax valuations, bankruptcy, divorce proceedings, and disputes requiring historical market value.
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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.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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