Property Valuation
An Oregon appraiser is asked to provide a 'retrospective appraisal' (as of a past date). This means the appraiser:
AUses data from the future to explain past value
BEstimates the value of the property as of a specific past date using data available at that time✓ Correct
CValues the property based on historical averages over the past 10 years
DValues the property for estate tax purposes only
Explanation
A retrospective appraisal estimates a property's value as of a specific past date. The appraiser may only use data that was available at or before the effective date, even though the assignment is being performed in the present.
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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.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
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