Property Valuation
An appraisal of a West Virginia property that is being donated to a charity requires the appraiser to comply with:
AOnly the charity's internal valuation standards
BUSPAP (Uniform Standards of Professional Appraisal Practice)✓ Correct
CThe WV DEP property valuation guidelines
DIRS tax depreciation schedules
Explanation
All real property appraisals in the U.S., including charitable donation appraisals, must comply with USPAP. Additionally, IRS regulations require qualified appraisals by qualified appraisers for charitable contribution deductions of real property.
Related West Virginia Property Valuation Questions
- A West Virginia appraiser determines a property has $40,000 of functional obsolescence from a floor plan that is poorly designed for modern living. This loss in value is:
- In West Virginia, the 'before and after' method of valuation is used in which scenario?
- What is the purpose of a reconciliation step at the end of a West Virginia real estate appraisal?
- 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:
- A West Virginia appraiser inspects a property and notes the water heater is 20 years old and near the end of its useful life. This is an example of:
- In the income approach for a West Virginia apartment building, 'potential gross income' minus 'vacancy and credit losses' equals:
- A West Virginia appraiser estimates accrued depreciation using the age-life method. The building is 15 years old with a total economic life of 50 years. Reproduction cost new is $200,000. What is the accrued depreciation?
- Which West Virginia market condition would cause an appraiser to make a positive adjustment to a comparable sale?
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