Property Valuation
In Washington, when an appraiser is asked to value a property 'as of' a specific past date, this is called a:
ACurrent appraisal
BRetrospective appraisal✓ Correct
CProspective appraisal
DRestricted appraisal
Explanation
A retrospective appraisal values a property as of a specific date in the past. It is used for estate tax purposes, litigation involving past values, divorce proceedings, and insurance claims related to past events.
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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.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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