Which of the following adjectives describes a "good" appraisal?

Prepare for the Commercial Appraisal Exam with our quiz. Study using multiple choice questions, flashcards, and detailed explanations. Ace your exam and start your appraisal career!

A "good" appraisal is characterized by being accurate, reasonable, and unbiased, making the choice of all of the above the most comprehensive answer.

Accuracy in appraisals is fundamental because it ensures that the valuation reflects the true market value of the property. An accurate appraisal takes into account all relevant data, including comparable sales, market trends, and property specifics, to come to a reliable conclusion.

Reasonableness also plays a crucial role, as a good appraisal needs to align with market expectations and norms. An appraisal deemed reasonable should match what similar properties in the area have sold for, ensuring that the valuation is not only justified but also acceptable to all parties involved.

Objectivity is essential in maintaining neutrality and fairness throughout the appraisal process. An unbiased appraisal is free from external influences that could skew the valuation, ensuring that the final figure is solely based on empirical data and professional judgment.

Thus, a comprehensive appraisal combines accuracy, reasonableness, and an unbiased approach, underscoring the importance of all these adjectives in defining the quality of an appraisal.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy