Property Valuation
An appraisal is defined as:
AThe government's assessed value for tax purposes
BAn unbiased estimate or opinion of a property's value as of a specific date✓ Correct
CThe amount a buyer is willing to pay
DA comparative market analysis prepared by a broker
Explanation
An appraisal is an unbiased, professional estimate or opinion of a property's value (typically market value) as of a specific effective date, prepared by a licensed or certified appraiser.
Related New York Property Valuation Questions
- In New York, 'economic life' of a building is the period during which the improvements:
- In New York, the 'principle of progression' means that:
- In New York, the 'principle of anticipation' holds that:
- A New York appraiser is performing a 'comparative market analysis' (CMA). This is different from an appraisal because:
- The term 'capitalization rate' (cap rate) in New York real estate income property valuation is calculated as:
- A New York appraiser using the sales comparison approach makes a negative adjustment to a comparable sale for a feature. This means the comparable property:
- In New York, the 'principle of contribution' in appraisal means:
- In New York, which of the following is an example of 'physical deterioration' that is 'curable' (economically feasible to repair)?
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