Property Valuation
A West Virginia appraiser is asked by their client to 'hit a number' and provide a value that meets the client's purchase price. Complying with this request would:
ABe acceptable if the value is within 5% of the target
BViolate USPAP and constitute appraisal fraud✓ Correct
CBe permitted for private transactions not involving lenders
DOnly violate WVREC rules, not USPAP
Explanation
Providing a predetermined value rather than an independent, objective opinion of value violates USPAP and constitutes appraisal fraud. An appraiser must remain independent and objective regardless of client pressure.
Related West Virginia Property Valuation Questions
- In West Virginia, which of the following would be considered a 'super-adequacy' (a form of functional obsolescence)?
- A West Virginia appraiser must comply with which professional standards when performing an appraisal for a federally related transaction?
- A West Virginia property generates the following: PGI = $60,000; Vacancy = 5%; Operating Expenses = $20,000. What is the Net Operating Income?
- An appraiser in West Virginia notes that two comparable sales have been adjusted. Comparable A required a $5,000 upward adjustment; Comparable B required no adjustments. Which comparable is most reliable?
- In West Virginia, what is the significance of the 'absorption rate' in real estate market analysis?
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- A West Virginia appraiser's final reconciled value conclusion must be:
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