Property Valuation
The Tennessee Certified Residential Appraiser classification allows appraisers to appraise:
AOnly properties worth less than $250,000
BAny residential property regardless of transaction value, in federally related transactions✓ Correct
COnly non-complex one-to-four unit residential properties
DCommercial properties up to $1 million
Explanation
A Tennessee Certified Residential Appraiser (CRA) may appraise any residential property of any value in federally related transactions, including complex one-to-four unit properties. Licensed appraisers are limited to non-complex properties under $1 million in federally related transactions.
Related Tennessee Property Valuation Questions
- In the income capitalization approach, a lower capitalization rate results in a:
- In Tennessee, when appraising a property for tax purposes, the assessor uses which basis of value?
- 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:
- In Tennessee, an appraiser who knowingly makes a fraudulent appraisal may face:
- When an appraiser makes a time adjustment to a comparable sale, they are adjusting for:
- The cost approach formula is: Value = Land Value + (Cost New − Depreciation). If land value is $80,000, cost new is $250,000, and total depreciation is $40,000, what is the estimated value?
- When a comparable sale was distressed (sold in foreclosure at below-market price), an appraiser should:
- In Tennessee, when an appraiser makes a 'positive adjustment' to a comparable sale, the appraiser is indicating that the comparable is:
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