Property Valuation
In South Dakota, what is the primary difference between an appraisal and a competitive market analysis (CMA)?
AA CMA is more accurate than an appraisal
BAn appraisal is a formal valuation by a licensed appraiser; a CMA is an informal estimate by a real estate agent✓ Correct
CAn appraisal is required only for commercial properties; a CMA is for residential
DA CMA is required by lenders; an appraisal is optional
Explanation
An appraisal is a formal, licensed opinion of value required by lenders for mortgage transactions. A CMA is an informal estimate of market value prepared by a real estate agent to help price a listing.
Related South Dakota Property Valuation Questions
- In South Dakota, which type of depreciation in the cost approach is considered 'incurable'?
- In South Dakota, a 'desk review' appraisal means the reviewing appraiser:
- A South Dakota property appraiser finds that a comparable sold for $250,000 with seller concessions of $8,000. What is the adjusted sale price for comparison purposes?
- In South Dakota appraisal practice, the term 'as-is value' means:
- Which appraisal principle states that the value of a property is affected by the values of surrounding properties?
- An appraiser in South Dakota is estimating the value of a property using the sales comparison approach. The subject property has a two-car garage; a comparable sold for $285,000 and has a one-car garage. If a garage space is worth $8,000, the adjusted price of the comparable is:
- In South Dakota, a 'seller's market' for real estate is typically characterized by:
- South Dakota property taxes are based on 'assessed value.' When the county assessor increases assessed values, property owners who disagree may:
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