Property Valuation
In NC appraisal practice, a 'retrospective appraisal' is commonly needed for:
ANew construction loans
BEstate tax purposes, divorce proceedings, insurance claims, and litigation involving past property values✓ Correct
CRefinancing current properties
DFuture development planning
Explanation
Retrospective appraisals estimate value as of a past date — needed for estate tax valuations (date of death), divorce property division (date of separation), insurance claims, and legal disputes about historical values.
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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.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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