Property Valuation
In New Mexico, an 'appraisal review' is performed by an appraiser to:
AConduct a new appraisal of the same property
BEvaluate the quality, completeness, and supportability of another appraiser's work product✓ Correct
CEstimate the property tax assessment
DVerify the property's physical condition
Explanation
An appraisal review evaluates another appraiser's report for completeness, accuracy, adequacy of data, and whether the analysis and conclusion are supported by the evidence presented. Reviewers do not necessarily perform their own independent appraisal.
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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.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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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