What does verification of a comparable sale involve beyond confirming the price?
Correct Answer
D) Confirming terms, conditions of sale and the property
Why this is correct: Verification requires confirming all relevant sale details: price, terms, conditions, concessions, property characteristics, and parties to ensure it's an arm's-length transaction. Why the other choices are wrong: Seller consent is not required. The appraiser's fee is irrelevant. Recording all party names may be part of verification but is not the primary goal. Exam tip: Verification means confirming the sale was arm's-length and the property as reported.
Why This Is the Correct Answer
Why this is correct: Verification requires confirming all relevant sale details: price, terms, conditions, concessions, property characteristics, and parties to ensure it's an arm's-length transaction. Why the other choices are wrong: Seller consent is not required. The appraiser's fee is irrelevant. Recording all party names may be part of verification but is not the primary goal. Exam tip: Verification means confirming the sale was arm's-length and the property as reported.
More Emerging Methods Questions
How does an alternative inspection method affect the appraiser's disclosure obligations?
A collector's photographs show a condition the appraiser believes needs specialist assessment. What is the appropriate step?
What responsibility does an appraiser retain for an error originating in a third-party database?
Under current USPAP guidance, what is the output of an automated valuation model before an appraiser analyzes it?
Which assignment type still requires the appraiser to develop an opinion of value?
A model returns an estimate far from the appraiser's own conclusion. What is the appropriate response?
What does it mean that a tool cannot comply with USPAP?
An appraiser is asked to review an assignment where an AVM supplied the value. What does the review examine?
Why is the date a data extract was pulled worth recording in the workfile?
A desktop appraisal is best described as an assignment completed how?
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