A lender first orders an appraisal on a mixed-use building with retail space and apartments, then asks about a later assignment involving industrial land. Which credential clearly has authority to appraise all types of real property under AQB minimum classifications?
Correct Answer
D) Certified General Appraiser
The Certified General Appraiser classification is the broadest AQB real-property credential. It authorizes appraisal of all types of real property, including residential, commercial, industrial, agricultural, and other property types.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A transfer tax is a tax imposed on the transfer of ownership of real estate.
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
More Valuation Market Analysis Questions
A buyer in Rochester is pre-approved for a conventional mortgage and wants to purchase a co-op apartment. What should the buyer's agent explain about financing a co-op purchase in New York?
A parcel is in a desirable retail corridor and buyers want it, but an unresolved title defect and missing legal access make it hard to close. Which element of value is most directly impaired?
When appraising co-op apartments in New York, all of the following factors must be considered due to their unique ownership structure EXCEPT:
A first-time buyer in New York City asks their agent about the difference between owning a co-op versus a condo. What is the fundamental ownership difference the agent should explain?
An agent in Staten Island is explaining maintenance fees to a co-op buyer. The buyer asks what expenses are typically included in a co-op maintenance fee that differ from condo common charges. What should the agent explain?
- → An appraiser is using the income approach to value a 12-unit rental building in Brooklyn. The building generates $180,000 in annual gross rental income. Operating expenses total $54,000 annually. The appraiser determines that a 7.5% capitalization rate is appropriate for this type of property in this location. What is the indicated value using the income approach?
- → An example of functional obsolescence is:
- → The best method to determine fair market value is:
- → Who typically hires the appraiser in a real estate transaction?
- → A depth table is used to estimate property value for:
- → Under federal law, which type of loan typically does NOT require a property appraisal?
- → FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act) requires:
- → For appraising a vacant lot for single-family residence construction, which approach applies?
- → The final appraisal step of weighing different approaches is called:
- → For 1930s buildings, the cost approach is least accurate due to:
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Previous Question
Broker Dana Ruiz needs an appraisal for a complex four-unit residential property with a transaction value of $350,000. Assuming the state follows AQB minimum classification standards and offers all classifications, what is the minimum appraiser classification that may perform the appraisal?
Next Question
In two similar assignments, appraiser Heather Mills writes extensive comments labeling one area a "high-crime neighborhood" and ties that phrase to a lower value conclusion, even though she did not analyze crime statistics consistently across comparable assignments. What is the best appraisal compliance conclusion?