Property Valuation
A Virginia appraiser performing an appraisal for a divorce proceeding must:
AAlways value the property at the highest possible value for the court
BProvide an impartial, unbiased opinion of value regardless of which party retained them✓ Correct
CUse only the cost approach
DProvide different values for each party
Explanation
USPAP requires appraisers to be independent and impartial in all assignments, including litigation. An appraiser retained by one party in a divorce must still provide an unbiased opinion of market value.
Related Virginia Property Valuation Questions
- The 'land residual technique' in Virginia appraisal is used when:
- In Virginia, a broker completing a Broker Price Opinion (BPO) for a lender is NOT performing an appraisal. BPOs are:
- In the cost approach, the value formula is:
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- The 'principle of anticipation' in Virginia real estate appraisal means value is based on:
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- An appraiser in Virginia adds a positive $5,000 adjustment to a comparable sale for a smaller garage than the subject. This adjustment reflects:
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