Property Valuation
In South Dakota appraisal practice, the term 'as-is value' means:
AThe value of the property after all needed repairs are completed
BThe value of the property in its current condition without any future improvements✓ Correct
CThe value established by the seller's asking price
DThe average of all three appraisal approaches
Explanation
'As-is value' is the market value of a property in its current physical condition, reflecting any deferred maintenance, physical deterioration, or other conditions existing at the time of the appraisal, without assuming any future improvements or repairs.
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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.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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