Property Valuation
An appraiser is asked to provide a 'retrospective appraisal' of a Washington property. This means the appraisal:
APredicts the future value of the property
BValues the property as of a past effective date✓ Correct
CReviews a prior appraiser's work for errors
DProjects value after planned renovations
Explanation
A retrospective appraisal values a property as of a date in the past, using information that was available as of that historical effective date. These are commonly used for estate planning, divorce proceedings, and tax appeals.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
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