Property Valuation
An NC appraiser's opinion of value must be 'credible' according to USPAP. Credible means the value conclusion is:
AThe same as the listing price
BSupported by sufficient market data, analysis, and reasoning✓ Correct
CHigher than the county assessment
DIdentical to a prior appraisal
Explanation
Under USPAP, credibility requires that the appraisal process, data, and reasoning are sufficiently rigorous and appropriate for the intended use — not that the value must reach any particular number.
Related North Carolina Property Valuation Questions
- The 'before and after' method in NC appraisal is used primarily for:
- In the income approach, the 'overall capitalization rate' (OAR) differs from a 'mortgage capitalization rate' in that the OAR:
- The principle of 'conformity' in NC real estate value states that:
- In NC, a Broker Price Opinion (BPO) is most commonly used for:
- A NC appraiser who values a property using data from a declining market (falling prices) will need to make a 'time adjustment' that is:
- In the income approach, 'potential gross income' (PGI) assumes:
- An NC appraiser analyzing a condominium uses which modification to the sales comparison approach?
- A NC appraisal that states the value 'as of' a specific date is reporting the property's value:
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