Property Valuation
What is a 'desk review' or 'field review' appraisal in Oregon?
AA new, complete appraisal by the same appraiser
BA secondary review of an existing appraisal by another appraiser — desk review done from the office; field review includes a property inspection✓ Correct
CThe county assessor's annual review of all assessments
DAn automated computer review replacing the original appraisal
Explanation
Review appraisals check the quality and accuracy of an original appraisal. A desk review is conducted from the office using available data without a property inspection.
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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.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
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