Property Valuation
In South Dakota, which situation would most clearly indicate a need for an independent appraisal rather than a broker's CMA?
ASetting a listing price for a standard subdivision home
BA homeowner's informal curiosity about their home's value
CAn estate appraisal for probate purposes or loan collateral valuation✓ Correct
DDeciding whether to invest in a minor home improvement
Explanation
A licensed appraiser's independent appraisal (not a broker's CMA) is required for legal purposes such as estate/probate valuations, divorce settlements, and as collateral for mortgage loans. Lenders require appraisals by licensed appraisers; CMAs by brokers are not sufficient for these purposes.
Related South Dakota Property Valuation Questions
- In South Dakota, which of the following is a typical characteristic of a 'buyer's market'?
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- A South Dakota appraiser makes adjustments in the sales comparison approach by:
- In South Dakota, the term 'insurable value' refers to:
- When a South Dakota property's improvements represent 80% of the total value, the land-to-improvement ratio is:
- Reproduction cost vs. replacement cost in South Dakota appraisal: which is defined as building an exact replica using original materials and techniques?
- The South Dakota sales comparison approach to value is MOST reliable when:
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