Property Valuation
In South Dakota, a 'summary appraisal report' differs from a 'restricted appraisal report' in that a summary report:
AContains less detail and is only for internal lender use
BProvides more detail and analysis, suitable for mortgage lending and other third-party uses✓ Correct
CIs only prepared by certified general appraisers
DDoes not include the appraiser's opinion of value
Explanation
A summary (or full narrative) appraisal report contains the complete appraisal with sufficient detail for third-party users. A restricted report is more concise and limited in use — typically for the client only.
Related South Dakota Property Valuation Questions
- Which appraisal approach is most commonly used to value South Dakota agricultural land?
- An appraiser in South Dakota is valuing a property using the income approach. If the property's effective gross income is $60,000 and operating expenses are $25,000, what is the NOI?
- An appraiser using the income approach determines a South Dakota property's value at $400,000 with a cap rate of 7.5%. What is the NOI?
- An appraiser in South Dakota adjusts comparable sale prices for differences between comparables and the subject property. A comparable that is inferior to the subject in location would receive a:
- A 'drive-by' appraisal of a South Dakota property is technically known as a:
- The term 'going-concern value' for a South Dakota business property includes:
- External (economic) obsolescence in a South Dakota property could be caused by:
- In South Dakota, a property's value is said to increase due to the principle of anticipation when:
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