Property Valuation
A NH appraiser's final value opinion for a residential property of $425,000 is properly rounded because:
AUSPAP requires rounding to the nearest $1,000
BAppraisals report a point estimate that inherently reflects a range of precision appropriate to the market and data✓ Correct
CAll appraisals must end in '000' per Fannie Mae
DRounding is prohibited by USPAP
Explanation
Appraisers report a single point estimate of value that reflects the precision appropriate to the data and market. Rounding (e.g., to $425,000 rather than $424,758) reflects the inherent uncertainty in the estimate and is standard practice.
Related New Hampshire Property Valuation Questions
- The principle of anticipation holds that a property's value is based on:
- The gross income multiplier (GIM) is used for:
- The NH real estate market in Concord and Manchester tends to be more:
- A NH appraiser performing a desktop appraisal (no physical inspection) should be aware that:
- Functional obsolescence in a New Hampshire property is best exemplified by:
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- An appraiser in Concord, NH uses three comparable sales to estimate value. The sales are $310,000, $298,000, and $325,000 after adjustments. The appraiser's final value conclusion will:
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