Property Valuation
In Utah, an Automated Valuation Model (AVM) is:
AA certified appraisal for any lending purpose
BA statistical model using recent sales data to estimate value—useful as a starting point but not a substitute for a certified appraisal✓ Correct
CApproved by USPAP as a full appraisal
DUsed by county assessors to set all tax values
Explanation
AVMs (such as Zillow's Zestimate) use algorithms and sales data to estimate value quickly. They are useful tools but not certified appraisals—they may have significant error rates and do not substitute for a USPAP-compliant appraisal.
Related Utah Property Valuation Questions
- The economic life of an improvement in Utah appraisal refers to:
- External obsolescence in Utah might be caused by:
- When using the income approach to value a rental property in Ogden, Utah, the appraiser needs to determine the market rent by:
- Highest and best use in appraisal is defined as the use that is:
- The principle of progression in Utah real estate states that:
- In the cost approach, reproduction cost refers to:
- In the income approach, Effective Gross Income (EGI) is calculated as:
- A 'drive-by' or 'exterior-only' appraisal of a Utah property is typically ordered when:
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