Property Valuation
An appraisal is defined as:
AA real estate agent's estimate of a property's listing price
BAn unbiased professional estimate of a defined value of a specified interest in real estate as of a specific date✓ Correct
CAn assessment of a property's tax value
DA buyer's maximum bid in a competitive market
Explanation
An appraisal is a professional, unbiased opinion of value performed by a licensed or certified appraiser. It estimates a defined type of value (market value, insurable value, etc.) for a specific property interest as of a specific date.
Related Tennessee Property Valuation Questions
- In Tennessee, when an appraiser says 'as improved' value, they mean the value of:
- An appraiser determines that the subject property has 2,000 square feet and a comparable sold for $90 per square foot with 1,800 square feet. Using gross living area analysis, what does the comparable suggest the subject is worth?
- Capitalization rate (cap rate) is calculated as:
- When appraising new construction, the cost approach is often most appropriate because:
- The Tennessee Appraiser Certification and Licensure Board (TACLB) is the state agency that:
- If a property has both an older home and a vacant lot and the appraiser concludes the highest and best use is to demolish the home and build condominiums, this analysis supports a:
- The cost approach to value is most reliable for:
- Liquidation value is typically:
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