The Purpose of an Appraisal Is To

question 10

Multiple Choice

The purpose of an appraisal is to:

• A) estimate the current value of a home.
• B) reduce the amount paid for property taxes.
• C) qualify for a reduced mortgage rate.
• D) eliminate the need for home insurance.
• E) reduce fees paid to realtor.

---

Definitions:

Book Income

The income reported by a company in its financial statements according to the applicable accounting rules, which may differ from taxable income.

Taxable Income

The amount of income that is subject to income tax after deductions and exemptions.

Book Income

The income reported by a company in its financial statements, calculated based on accounting rules rather than tax regulations.

Taxable Income

The portion of an individual's or company's income that is subject to taxes according to government regulations.