Property Valuation
An appraisal review in Utah is conducted to:
AAppraise the same property a second time for a higher value
BEvaluate the adequacy and quality of another appraiser's report✓ Correct
CSet the county's assessed value
DReplace a flawed appraisal with a broker price opinion
Explanation
An appraisal review evaluates whether another appraiser's report is credible, well-supported, and compliant with USPAP—often required by lenders before approving a loan.
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- A Utah residential appraisal uses the URAR (Uniform Residential Appraisal Report) which is required by:Property Valuation
- An appraiser's certification in a Utah appraisal report states that:Property Valuation
- In Utah, Uniform Standards of Professional Appraisal Practice (USPAP) compliance is required for:Property Valuation
- A Utah veteran purchasing a home with a VA loan is required to pay:Finance
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- A Utah lender's appraisal order must be independent of the loan originator's influence under:Finance
Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
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