Property Valuation
A Wyoming appraiser conducting a retrospective appraisal must value the property as of:
AThe current date
BA past effective date using only data available as of that date✓ Correct
CThe date the client requests regardless of the transaction
DThe date the property was last sold
Explanation
A retrospective appraisal determines value as of a past effective date. The appraiser must use only market data that was known or knowable as of that historical date—hindsight is not permitted.
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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.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
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