Property Valuation
A West Virginia appraiser is performing an appraisal for a divorce proceeding to determine the marital estate's real property value. The relevant standard of value is:
ALiquidation value
BFair market value as of the relevant date✓ Correct
CAssessed value for property taxes
DReplacement cost of improvements
Explanation
In divorce proceedings, the relevant standard of value is typically fair market value as of the date specified by the court (date of separation, date of filing, or another agreed date). The appraiser must provide an independent, objective opinion of fair market value.
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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.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Math Concepts
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