If an appraiser is valuing a property as of a date in the past, what is this type of value opinion called?

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Master the Mckissock General Appraiser Sales Comparison Approach Test with comprehensive quizzes and explanations. Enhance your skills in the appraiser profession and pass your exam with confidence!

Multiple Choice

If an appraiser is valuing a property as of a date in the past, what is this type of value opinion called?

When the value opinion is tied to a date that has already passed, the term used is retrospective value opinion. This type of appraisal looks backward, using data available up to that past date to determine what the property was worth at that specific moment in time. It’s different from a prospective value, which projects value at a future date using anticipated conditions; from current market value, which reflects value today; and from interim value, which covers a value for a date between other specified points in time. For example, valuing a property as of December 31, 2019 would be a retrospective value opinion because the date is in the past.

If an appraiser is valuing a property as of a date in the past, what is this type of value opinion called?

Master the Mckissock General Appraiser Sales Comparison Approach Test with comprehensive quizzes and explanations. Enhance your skills in the appraiser profession and pass your exam with confidence!

If an appraiser is valuing a property as of a date in the past, what is this type of value opinion called?

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