Property Valuation
A NC appraiser performing a 'retrospective appraisal' is estimating the value of a property:
AAs of the current date
BAs of a past date, such as the date of a past sale or loan origination✓ Correct
CAs of a future projected date
DFor insurance replacement purposes
Explanation
A retrospective appraisal estimates value as of a past effective date — commonly used for estate settlements, divorce proceedings, or litigation.
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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.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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