Property Valuation
A West Virginia appraiser who is asked to update an old appraisal without visiting the property should:
AProceed without a physical inspection since little has changed
BDecline or perform a new appraisal with proper inspection, as updating an old report without inspection may violate USPAP✓ Correct
CSimply adjust the old value for inflation
DProvide a letter of confirmation that the old value remains valid
Explanation
Updating an old appraisal without a new inspection is generally not appropriate under USPAP unless a recertification of value assignment is properly structured. Simply changing the date or value without proper analysis violates USPAP.
People Also Study
Related West Virginia Questions
- An appraiser's final reconciliation of value in a West Virginia appraisal involves:Property Valuation
- A West Virginia appraiser is asked to estimate the value of a historic Charleston building. The cost approach may be less reliable because:Property Valuation
- A West Virginia appraiser who omits negative information from an appraisal report to achieve a value requested by the lender is engaging in:Property Valuation
- A West Virginia appraiser asked to determine the value of a partial interest in a property (such as a 50% tenancy in common interest) would typically find:Property Valuation
- A West Virginia residential landlord who enters a tenant's unit without proper notice except in an emergency is:Property Management
- A West Virginia seller counters a buyer's offer by changing the closing date. The buyer's original offer:Contracts
- A West Virginia homeowner who is 62 or older wants to convert their home equity to cash without making monthly mortgage payments. The appropriate loan product is:Finance
- A West Virginia homeowner wants to access their home equity for renovations without refinancing. The most appropriate product is a:Finance
Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
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.
Study This Topic
Practice More West Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free West Virginia Quiz →