Property Valuation
In South Carolina, what is a 'scope of work' in the appraisal process?
AThe physical size of the property being appraised
BThe type and extent of research and analyses to be performed in an assignment, determined by the appraiser to produce credible results✓ Correct
CThe work required to renovate a property
DThe scope of a contractor's repair estimate
Explanation
The scope of work in appraisal (per USPAP) is the type and extent of data collection, analysis, and procedures the appraiser determines are necessary to produce credible results for a specific appraisal assignment. It includes the approaches used, data sources consulted, and level of 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.
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.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
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