Property Valuation
NC appraisers must comply with the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP requires appraisers to provide:
AThe highest possible value to satisfy lenders
BAn unbiased, independent, and credible opinion of value✓ Correct
CA value that always matches the sales price
DA value equal to the county assessment
Explanation
USPAP requires appraisers to maintain independence and objectivity, producing unbiased, credible opinions of value based on appropriate methodology and adequate market data.
Related North Carolina Property Valuation Questions
- When appraising a property in NC, the appraiser's opinion of value must reflect the value as of a specific:
- In the sales comparison approach, a positive adjustment to a comparable sale means:
- External (economic) obsolescence in real estate is characterized as:
- Depreciation in the cost approach to real estate valuation refers to:
- A property has a replacement cost new of $400,000, accumulated depreciation of $60,000, and land value of $75,000. What is the cost approach value?
- An appraiser in NC who estimates the value of a proposed new development building uses which approach as the primary method?
- Paired sales analysis in the sales comparison approach is used to:
- In the cost approach, 'reproduction cost' differs from 'replacement cost' in that:
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