What are three ways to obtain the value of the ward's real property?

Obtaining an accurate value of a ward's real property is vital in guardianship cases, and the correct answer includes three reliable methods: a formal appraisal, a realtor's market analysis, and the tax assessed value.

A formal appraisal provides a comprehensive and unbiased assessment of the property conducted by a licensed appraiser. This analysis considers various factors such as the property's condition, location, and recent comparable sales. It can provide an accurate market value, which is essential for making informed decisions in the best interests of the ward.

A realtor's market analysis is another important method, as real estate agents evaluate similar properties in the area to establish fair market value and trends. This approach offers insight into current market conditions and pricing strategies, which can be invaluable for guardians when managing or selling the ward's property.

The tax assessed value is often used as a benchmark for property taxation, reflecting the value the local taxing authority assigns to the property. This value can provide a useful baseline for understanding the property’s worth, although it may not always reflect current market conditions accurately.

In contrast, options that include personal estimates, price negotiations, or verbal estimates are less reliable as they can involve subjective opinions rather than objective assessments. These methods may not provide the accurate and formal valuation required in