Property Valuation
A West Virginia appraiser's 'limiting conditions' in an appraisal report state that the appraiser assumes the property does not have undisclosed environmental contamination. This is an example of a:
AMisleading statement that violates USPAP
BExtraordinary assumption or limiting condition that protects the appraiser from liability for unknown environmental issues✓ Correct
CStatement required by the lender client
DFraudulent representation to conceal known environmental issues
Explanation
Appraisers routinely include limiting conditions stating they assume no undisclosed environmental hazards exist. This is a standard USPAP-compliant limiting condition, not a fraudulent statement.
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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.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
State-Specific Concepts
DRE Regulation
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