Property Valuation
An 'appraisal' in NC is defined as:
AThe market price at which a property sells
BA licensed or certified appraiser's opinion of value based on analysis of market data✓ Correct
CThe county's assessed value for tax purposes
DThe asking price set by the seller
Explanation
An appraisal is a formal, credible, and supportable opinion of value developed by a licensed or certified appraiser following USPAP standards based on analysis of market data.
Related North Carolina Property Valuation Questions
- What is the gross rent multiplier (GRM) for a property that sells for $180,000 and rents for $1,500 per month?
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