197k views
5 votes
The mass appraisal standards (STANDARDS 5 and 6) apply to the development and reporting of:

A) Single-property appraisals
B) Commercial real estate only
C) Residential real estate only
D) Mass appraisals of properties

User Damienix
by
7.5k points

1 Answer

3 votes

Final answer:

The mass appraisal standards (STANDARDS 5 and 6) apply to Mass appraisals of properties, rather than single-property appraisals or appraisals that are limited to commercial or residential real estate only.

Step-by-step explanation:

The mass appraisal standards (STANDARDS 5 and 6) are specifically applied to the development and reporting of option D) Mass appraisals of properties. These standards are not intended for single-property appraisals or for appraisals that only concern commercial or residential real estate on an individual basis.

Mass appraisal is a process used to value a group of properties as of a given date, using standard methods, allowing for statistical testing, and employing common data. This is often used by local government agencies for property tax assessment purposes. In contrast, single-property appraisals are tailored to a specific property and situation and might be used for purposes such as sale, mortgage lending, or insurance.

User Lydon Ch
by
9.0k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.