Property Valuation
In Tennessee, an appraiser's 'limiting conditions' and 'assumptions' in a report are important because they:
AGuarantee the accuracy of the value conclusion
BDefine the scope and constraints of the appraisal, limiting the appraiser's liability✓ Correct
CAllow the appraiser to alter the value after submission
DAuthorize the lender to change the appraised value
Explanation
Limiting conditions and assumptions define the parameters within which the appraisal was prepared — such as relying on information provided by others or assuming no hidden conditions — clarifying the basis for the value conclusion.
Related Tennessee Property Valuation Questions
- The highest and best use of a property is defined as the use that is:
- The gross rent multiplier (GRM) approach is best suited for:
- An appraiser using the sales comparison approach finds a comparable sale with a garage that the subject property lacks. The appraiser would make a:
- In the income approach, effective gross income (EGI) is calculated as:
- In Tennessee, the 'replacement cost new' in the cost approach is the cost to build:
- The Tennessee Certified Residential Appraiser classification allows appraisers to appraise:
- Functional obsolescence in a property refers to:
- Assessed value for property tax purposes in Tennessee is typically a percentage of:
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