Property Valuation
In North Dakota, when two appraisers independently value the same property and arrive at different conclusions, this is:
AEvidence that one appraiser committed fraud
BNormal, as appraisal is an opinion of value and reasonable appraisers can reach different conclusions given the same data✓ Correct
CA reason to void the transaction
DProhibited under USPAP
Explanation
Appraisals represent opinion of value, not an absolute fact. Reasonable appraisers can reach different value conclusions depending on which comparables they select, how they weight different approaches, and their judgment about adjustments.
Related North Dakota Property Valuation Questions
- Which appraisal approach uses the formula: Value = Land Value + (Replacement Cost New - Depreciation)?
- An appraiser values a Fargo strip mall. The building's cost new is $1,200,000, physical depreciation is $180,000, functional obsolescence is $60,000, and the land value is $250,000. What is the indicated value by the cost approach?
- In North Dakota, what is the difference between 'list price' and 'sold price'?
- In North Dakota, appraisers must comply with the Uniform Standards of Professional Appraisal Practice (USPAP) because:
- An appraiser in North Dakota must be licensed or certified because:
- The term 'as-stabilized value' in a North Dakota appraisal refers to:
- 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:
- A North Dakota appraiser must certify in the appraisal report that they have performed an independent analysis. This certification is required by:
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