Property Valuation
Under USPAP, a West Virginia appraiser must maintain the workfile for an appraisal for a minimum of:
A2 years from the date of the appraisal report
B5 years from the date of report or 2 years after final legal proceeding, whichever is longer✓ Correct
C1 year only
D10 years for federally related transactions
Explanation
USPAP requires appraisers to retain workfiles for at least 5 years after the date of the appraisal report or at least 2 years after final disposition of any judicial proceeding in which testimony was given, whichever period expires later.
Related West Virginia Property Valuation Questions
- A West Virginia appraiser uses three comparable sales in the sales comparison approach: Comp 1 indicates $195,000, Comp 2 indicates $205,000, and Comp 3 indicates $200,000. The final value conclusion should be:
- When a West Virginia appraiser 'brackets' a comparable, they:
- Highest and best use of a property is defined as the use that is:
- A West Virginia appraiser is asked to estimate the value of a historic Charleston building. The cost approach may be less reliable because:
- When appraising a historic property in downtown Huntington, WV, functional obsolescence might be indicated by:
- A West Virginia commercial building has a replacement cost new of $500,000 and an estimated 25% total depreciation. The land is valued at $100,000. What is the total value using the cost approach?
- In West Virginia appraisal, 'paired sales analysis' is used to:
- The capitalization rate (cap rate) formula used to value income property in West Virginia is:
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