Property Valuation
A Richmond area appraiser is performing a retrospective appraisal. This means the appraisal:
AValues the property at a future date
BValues the property as of a past effective date✓ Correct
CPredicts future market trends
DIs a second review of a prior appraisal
Explanation
A retrospective appraisal establishes a value opinion as of a past date (e.g., for estate tax, litigation, or insurance purposes). The appraiser must use only market data available as of the effective date.
Related Virginia Property Valuation Questions
- In Virginia, real property market values in Northern Virginia have historically appreciated at higher rates than the state average. An appraiser would account for this with a:
- An appraiser using the sales comparison approach in Northern Virginia adjusts a comparable sale for a feature the subject property has but the comparable lacks. This adjustment is:
- A Virginia property that is adjacent to a transit station may receive a premium because of enhanced accessibility and walkability. Appraisers call this:
- In the cost approach, the term 'functional obsolescence' refers to:
- In the cost approach, 'replacement cost new' differs from 'reproduction cost new' in that:
- A Virginia appraiser who uses the sales comparison approach and makes adjustments totaling more than 25% of the comparable's adjusted price should:
- Which appraisal approach is most commonly used to value a single-family residence in a Virginia suburb?
- The principle that states the value of a property is enhanced when it conforms to the surrounding neighborhood is known as:
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