What is the appraiser's obligation when a site's legal description does not match its apparent physical boundaries?
Correct Answer
C) Disclose the discrepancy and state what was used
Why this is correct: Appraisers must disclose discrepancies in legal descriptions, state which area was used, and treat it as an extraordinary assumption if it could affect value, as resolving boundaries is outside their expertise. Why the other choices are wrong: "Adopt whichever description the client prefers" is unethical; the appraiser must exercise independent judgment. "Value the larger of the two areas described" is arbitrary and unsupported. "Complete a boundary survey before proceeding" is incorrect; appraisers are not surveyors. Exam tip: Disclose description discrepancies and state the basis used; don't resolve survey conflicts.
Why This Is the Correct Answer
Why this is correct: Appraisers must disclose discrepancies in legal descriptions, state which area was used, and treat it as an extraordinary assumption if it could affect value, as resolving boundaries is outside their expertise. Why the other choices are wrong: "Adopt whichever description the client prefers" is unethical; the appraiser must exercise independent judgment. "Value the larger of the two areas described" is arbitrary and unsupported. "Complete a boundary survey before proceeding" is incorrect; appraisers are not surveyors. Exam tip: Disclose description discrepancies and state the basis used; don't resolve survey conflicts.
More Land/Site Questions
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Why does a developer's required profit rise for a longer subdivision project?
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Plottage value arises in which of the following situations?
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