Property Valuation
Under Ohio appraisal law, an 'appraisal review' is defined as:
AA second appraisal of the same property
BThe study of another appraiser's work to form an opinion about its quality and compliance with applicable standards✓ Correct
CA review of the property's title history
DThe county auditor's review of assessed values
Explanation
An appraisal review is the process of studying another appraiser's report and conclusions to determine whether the analysis is credible, complete, and compliant with USPAP and client requirements.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Math Concepts
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