Property Valuation
What is 'retroactive appraisal' and when is it used in Rhode Island?
AAn appraisal that retroactively corrects errors
BAn appraisal with an effective date in the past—used for estate taxes, divorce settlements, litigation, or insurance claims✓ Correct
CAn appraisal conducted before a property is listed
DAn update to a previously completed appraisal
Explanation
A retroactive (historical) appraisal provides a value opinion as of a date in the past. It is used in estate tax valuations, divorce proceedings, damage claims, eminent domain, and other situations requiring a historical value.
People Also Study
Related Rhode Island Questions
- What is a 'market value' opinion in a Rhode Island appraisal?Property Valuation
- The concept of 'market value' as used in Rhode Island appraisal refers to:Property Valuation
- Which appraisal approach is most commonly used for single-family residential properties in Providence and Warwick, Rhode Island?Property Valuation
- What is 'eminent domain' as it applies to Rhode Island property owners?Land Use & Zoning
- In Rhode Island, the 'effective age' of a building used in appraisal refers to:Property Valuation
- What is 'eminent domain' versus 'inverse condemnation' in Rhode Island?Land Use & Zoning
- Eminent domain allows a Rhode Island government body to:Land Use & Zoning
- A Rhode Island property has an assessed value of $195,000. The property tax rate is $14.20 per $1,000 of assessed value. What is the annual property tax?Real Estate Math
Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
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.
Study This Topic
Practice More Rhode Island Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Rhode Island Quiz →