Property Valuation
A North Dakota property appraiser's opinion differs from the purchase price by 15%. The appraiser should:
AAdjust their opinion to close the gap
BReport the independently supported opinion of value regardless of the purchase price✓ Correct
CReport both values without selecting one
DDecline to complete the appraisal
Explanation
USPAP requires appraisers to report credible, independently supported conclusions. The purchase price is one piece of data to consider, but the appraiser must report their own supported opinion of value even if it differs significantly from the contract price.
Related North Dakota Property Valuation Questions
- An appraiser in North Dakota determines the 'replacement cost new' of a building. This is the cost to build a:
- Which factor would MOST likely increase farmland values in the Red River Valley of North Dakota?
- External (economic) obsolescence is caused by:
- Which appraisal approach is most commonly used for residential properties in the Fargo, North Dakota market?
- A North Dakota appraiser is making adjustments to comparable sales. If a comparable home sold for $250,000 but has an extra bathroom that the subject property lacks, the appraiser would:
- A North Dakota property's market value is $400,000 and its replacement cost new is $350,000. This suggests the property may have experienced:
- Which appraisal principle states that the value of a property is affected by the values of surrounding properties?
- A North Dakota property with significant deferred maintenance would be described as having:
Practice More North Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Dakota Quiz →