Which of the following is least likely to be considered a "code word" in appraisal reports?

The correct answer is that "declining property values" is least likely to be considered a "code word" in appraisal reports. In the context of appraisal, a "code word" typically refers to terminology that conveys nuances about property conditions or market sentiment without explicitly stating negative or sensitive information.

The phrase "declining property values" directly presents a specific condition of the property market, making it a straightforward observation rather than coded language. In appraisal practice, the aim is often to communicate issues regarding property without overtly alarming the reader.

In contrast, terms like "highly sought after neighborhood" and "pride of ownership" can reflect positive sentiments while masking underlying issues through more euphemistic language. "Crime rates in the area" might be referenced in a neutral context when discussing neighborhood safety but can also carry loaded implications, depending on how it is framed. Thus, these terms are more aligned with the concept of being "code words," as they can suggest socio-economic conditions without addressing them directly. Therefore, "declining property values" stands out as the least likely to fall into that category.