Property Valuation
What does 'retrospective appraisal' mean in South Carolina appraisal practice?
AAn appraisal looking backward at past sales
BAn appraisal that estimates value as of a past date✓ Correct
CAn appraisal with outdated data
DAn appraisal performed by a retired appraiser
Explanation
A retrospective appraisal estimates the value of a property as of a past date (effective date in the past). It is used in estate settlements, litigation, tax appeals, and other situations requiring historical values.
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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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