Property Valuation
In South Dakota, a 'field review' appraisal involves:
AAn agricultural field assessment only
BA review appraisal where the reviewer visits the property exterior and verifies key facts✓ Correct
CAn environmental field assessment combined with an appraisal
DA review of the original appraiser's education credentials
Explanation
A field review involves a reviewing appraiser visiting the exterior of the subject property and comparable sales to verify the accuracy of the original appraisal's factual data and analysis.
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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.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property 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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