Property Valuation
A Pennsylvania appraiser must determine the 'scope of work' for each assignment. Scope of work means:
AThe dollar amount the appraiser charges for the assignment
BThe type and extent of research and analyses necessary to produce a credible appraisal✓ Correct
CThe physical inspection procedure for the property
DThe number of comparable sales required
Explanation
Under USPAP, scope of work is determined by the appraiser for each assignment based on the complexity of the property, the purpose of the appraisal, intended use, and intended users. It defines the research, data collection, and analyses necessary to develop a credible opinion of value for that specific assignment.
Related Pennsylvania Property Valuation Questions
- External obsolescence affecting a Pennsylvania property's value is best described as:
- Highest and best use is defined as the use that is:
- An appraisal report in Pennsylvania is typically prepared by a licensed or certified appraiser. The term 'market value' means:
- External (economic) obsolescence is different from functional obsolescence because it:
- An appraiser uses the gross rent multiplier (GRM) method. A Pennsylvania duplex rents for $2,000/month total and comparable properties sell at a GRM of 120. What is the estimated value?
- Functional obsolescence in a property refers to:
- The 'principle of substitution' underlying appraisal theory states that:
- The sales comparison approach to value is most appropriate for:
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