Property Valuation
In West Virginia, a property appraised for a federally related transaction must be appraised by:
AAny licensed real estate agent with experience
BA state-licensed or state-certified appraiser✓ Correct
CA county assessor's office employee
DAn appraiser approved by the WVREC
Explanation
Federal regulations require that appraisals for federally related transactions (most mortgage loans) be performed by a state-licensed or state-certified appraiser who complies with USPAP. West Virginia licenses and certifies appraisers through the West Virginia Real Estate Appraiser Licensing and Certification Board.
Related West Virginia Property Valuation Questions
- A West Virginia appraiser is performing an appraisal for a property tax appeal. The standard of value used is typically:
- In West Virginia appraisal, 'paired sales analysis' is used to:
- 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:
- Interim use in West Virginia appraisal refers to a property's:
- A West Virginia appraiser determines that a property's highest and best use is for commercial development rather than its current residential use. The appraisal should reflect:
- The cost approach to value includes which of the following components?
- In the sales comparison approach, adjustments are made to the comparable properties because:
- A West Virginia appraiser performing a USPAP-compliant appraisal must:
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