Virginia Real Estate Exam Practice Question
Whats a certified opinion or estimate of the value of a particular property as of a particular date?
Correct Answer: A
Rationale: An appraisal is a certified opinion of a property's value, typically conducted by a licensed appraiser, and reflects the property's worth as of a specific date.
Assessment refers to the process of determining the value of property for taxation purposes, not necessarily a certified opinion. Evaluation is a broader term that can include various methods of determining value but lacks the formal certification aspect. Inspection involves examining a property’s condition and does not assess its financial value. Thus, appraisal is the only option that accurately describes a certified estimate of property value.
Unlock All Questions
Subscribe to Premium for full access to all practice questions, detailed rationales, and performance tracking.
Subscribe Now