Property Valuation
An appraisal for a Rhode Island property that is being refinanced is based on:
AThe original purchase price
BThe current market value as of the date of appraisal✓ Correct
CThe assessed value for tax purposes
DThe replacement cost of the improvements only
Explanation
An appraisal for refinancing purposes reflects the current market value as of the date of appraisal, not the original purchase price or tax assessed value.
Related Rhode Island Property Valuation Questions
- An appraiser reconciles the value indications from multiple approaches by:
- What is 'mass appraisal' and how is it used by Rhode Island municipalities?
- Which principle of value holds that a property surrounded by more valuable properties tends to increase in value?
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