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Questions and Answers
What is the purpose of clarifying the motivation for an appraisal?
What is the purpose of clarifying the motivation for an appraisal?
- To understand the current market value
- To save time and money (correct)
- To ensure compliance with the Estate Agents Act 1980
- To prepare for a valuation
When is a valuation typically required instead of an appraisal?
When is a valuation typically required instead of an appraisal?
- When tenants in common change share holdings (correct)
- When conducting a property inspection
- When determining listing price for a property
- When asking for an initial conversation
What is the main difference between an appraisal and a valuation?
What is the main difference between an appraisal and a valuation?
- An appraisal provides a value based on the current market, while a valuation is a legally binding report.
- An appraisal is conducted by a real estate agent, while a valuation is conducted by a registered practitioner with a university degree.
- An appraisal is used for determining listing price, while a valuation covers more detail than an appraisal. (correct)
- An appraisal is formed based on the Estate Agents Act 1980, while a valuation is required for specific cases like property settlements and public trustee sales.
Who is qualified to conduct a valuation?
Who is qualified to conduct a valuation?
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What is the role of the Estate Agents Act 1980 in relation to appraisals?
What is the role of the Estate Agents Act 1980 in relation to appraisals?
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