Property Valuation
A Pennsylvania appraiser is engaged to value a proposed apartment complex not yet built. This is called a(n):
AProspective appraisal (as-completed or as-stabilized appraisal)✓ Correct
BRetrospective appraisal
CDrive-by appraisal
DDesktop appraisal
Explanation
A prospective appraisal values a property as of a future date — typically 'as completed' (when construction finishes) or 'as stabilized' (at market occupancy). Lenders use prospective appraisals for construction loans and real estate developments to ensure the project will support the loan upon completion.
Related Pennsylvania Property Valuation Questions
- When appraising a property using the sales comparison approach, a Pennsylvania appraiser adjusts comparable sales for differences in:
- The cost approach to value estimates a property's value by:
- Comparative market analysis (CMA) and an appraisal are different in that:
- When appraising a Pennsylvania historic building, the appraiser should:
- In the cost approach, the reproduction cost differs from replacement cost in that:
- Functional obsolescence in a property refers to:
- An appraisal conducted for a Pennsylvania federally related mortgage transaction must be performed by a:
- External obsolescence affecting a Pennsylvania property near a newly opened chemical plant is considered:
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