Which factor would have the LEAST direct impact on a residential property's market value in a CMA?
Correct Answer
D) The price the current owner originally paid
Market value reflects current market conditions and property attributes, not historical purchase prices. The original purchase price is irrelevant to current market value determination in a CMA.
Why This Is the Correct Answer
Market value reflects what buyers would pay today. The owner's original purchase price is history and does not change what the property is worth now.
Why the Other Options Are Wrong
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More Valuation Questions
In applying the summation approach to value a heritage-listed property in Sydney, which additional factor must be specifically considered?
In Queensland, the statutory land valuation that councils use to levy rates is made by:
The comparable sales method of property valuation involves:
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