Property Valuation
In Washington, a 'limited appraisal' differs from a 'complete appraisal' in that it:
AIs performed by an unlicensed evaluator
BInvolves a departure from USPAP requirements and may not include all approaches to value✓ Correct
CIs only used for tax assessment purposes
DAlways produces a lower value conclusion
Explanation
A limited appraisal involves a departure from USPAP's binding requirements through a client-agreed scope limitation. Not all approaches to value need be developed.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
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