Which term describes a value opinion that is prepared as of a date in the past?

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards
From $24.99Unlock all

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

Which term describes a value opinion that is prepared as of a date in the past?

Explanation:
A retrospective value opinion is a value opinion prepared as of a date in the past. It reconstructs what the property would have been worth on a specific prior date using market data and conditions that existed then, not what they are now. This is used in situations like historical analyses, settlements, or litigation where the value needs to reflect a known past moment. It’s different from a prospective value opinion, which looks forward to a future date or scenario, and from current market value, which reflects the value as of today. Immediate value conclusion isn’t a standard term in appraisal practice.

A retrospective value opinion is a value opinion prepared as of a date in the past. It reconstructs what the property would have been worth on a specific prior date using market data and conditions that existed then, not what they are now. This is used in situations like historical analyses, settlements, or litigation where the value needs to reflect a known past moment.

It’s different from a prospective value opinion, which looks forward to a future date or scenario, and from current market value, which reflects the value as of today. Immediate value conclusion isn’t a standard term in appraisal practice.

More Multiple Choice Questions
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy