Question

Which of the following is TRUE concerning appraisals? They are:

a. an opinion of value.
b. for a specific property and as of a certain date.
c. based on judgment and professional experience.
d. all of the above.

Answer 1

The correct answer is d. all of the above. Appraisals are an opinion of value, for a specific property and as of a certain date, and are based on judgment and professional experience.

Step-by-step explanation:

The correct answer is d. all of the above. Appraisals are an opinion of value, for a specific property and as of a certain date, and are based on judgment and professional experience. Let's break down each of these options:

1. An opinion of value: An appraisal is an estimate of the value of a property, which is subjective and can vary depending on the appraiser.
2. For a specific property and as of a certain date: Appraisals are conducted on a particular property and reflect its value at a specific point in time.
3. Based on judgment and professional experience: Appraisers use their expertise and knowledge to evaluate various factors and make an informed judgment about the value of a property.

Therefore, all of the given options are true concerning appraisals.