Property Valuation
In Utah, an automated valuation model (AVM) like Zillow's 'Zestimate' is:
AA certified appraisal accepted by all Utah lenders
BA computer-generated estimate useful for general reference but not a substitute for a USPAP-compliant appraisal✓ Correct
CRegulated by the Utah Division of Real Estate
DRequired to be disclosed to all buyers by law
Explanation
AVMs are computer models that use recent sales data, tax assessments, and algorithms to estimate property values. They are useful for general reference but lack the judgment, inspection, and analysis required of a certified USPAP-compliant appraisal. Lenders generally do not accept them for loan underwriting.
Related Utah Property Valuation Questions
- When an appraiser uses paired sales analysis in the sales comparison approach, the purpose is to:
- In Utah, Uniform Standards of Professional Appraisal Practice (USPAP) compliance is required for:
- The capitalization rate (cap rate) in real estate appraisal represents:
- The principle of highest and best use in real estate valuation means:
- In Utah, property is assessed at what percentage of its fair market value for property tax purposes?
- Depreciation in real estate appraisal is measured as:
- The principle of contribution in Utah appraisal states that the value of any component is:
- The principle of progression in Utah real estate states that:
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