Property Valuation
A West Virginia property owner hires an appraiser to estimate value for a potential sale. The 'scope of work' in the appraisal assignment refers to:
AThe geographic area covered by the appraisal
BThe type and extent of research and analysis necessary to produce a credible value opinion✓ Correct
CThe number of comparable sales to be analyzed
DThe fee agreed upon for the appraisal
Explanation
Under USPAP, the scope of work defines the type and extent of research and analysis the appraiser determines is necessary to produce a credible assignment result. It is determined by the appraiser based on the intended use, intended users, and complexity of the assignment.
Related West Virginia Property Valuation Questions
- The reproduction cost in the cost approach is defined as the cost to:
- In the cost approach to value, the appraiser estimates the value of land separately because:
- Gross Rent Multiplier (GRM) is calculated by:
- An appraiser in Morgantown, WV notes that home prices near West Virginia University have been rising rapidly due to strong rental demand from students. This is an example of which value principle?
- 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:
- Regression and progression are real estate valuation principles. Regression means:
- External obsolescence (economic or locational obsolescence) in a West Virginia appraisal is caused by:
- A West Virginia appraiser who fails to make a required disclosure in an appraisal report (such as a prior appraisal of the same property) violates:
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