Property Valuation
A New Jersey appraiser preparing a restricted-use appraisal report (under USPAP) must include:
AAll the detail of a complete self-contained report
BSufficient information to support the appraiser's conclusions, with the scope of detail restricted by agreement with the client✓ Correct
CNo supporting data—just the final value conclusion
DA full narrative describing every comparable sale
Explanation
USPAP allows different reporting formats. A restricted-use report contains the minimum content and detail agreed upon with the client, who is the only intended user.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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