Property Valuation
When an Oklahoma appraisal is being performed for estate tax purposes, the relevant date of value is:
AThe date the appraisal report is written
BThe date of the decedent's death (or alternate valuation date under IRS rules)✓ Correct
CThe date the property is listed for sale
DThe date the estate tax return is filed
Explanation
For estate tax purposes, property is generally valued as of the date of the decedent's death (or alternatively, 6 months after death if the alternate valuation date election is made). The appraisal must reflect market conditions on that specific historical date.
Related Oklahoma Property Valuation Questions
- When an appraiser in Oklahoma uses the sales comparison approach for a single-family residence, adjustments are made for differences between the subject property and comparables. A positive adjustment means:
- The 'highest and best use' of a property is defined as the reasonably probable use that is:
- The sales comparison approach to value is most appropriate for:
- USPAP (Uniform Standards of Professional Appraisal Practice) requires Oklahoma appraisers to:
- Reproduction cost in the cost approach is:
- When comparing comparable sales for a single-family home in Oklahoma, an appraiser makes adjustments for differences. Which statement about adjustments is correct?
- An appraiser determines a subject property's value using the gross rent multiplier (GRM). The property rents for $1,800/month and comparable properties sell for 120 times monthly rent. The estimated value is:
- When an Oklahoma appraiser values a mixed-use property (retail on ground floor, residential above), they typically:
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