In a Florida sales-comparison problem, a comparable sold for $465,000. The comparable is inferior to the subject in one item requiring a +$12,000 adjustment and superior in another item requiring a -$7,000 adjustment. What is the adjusted sale price of the comparable?
Correct Answer
B) $470,000
Start with the comparable's sale price, add upward adjustments, and subtract downward adjustments: $465,000 + $12,000 - $7,000 = $470,000.
Why This Is the Correct Answer
Why the Other Options Are Wrong
Deep Analysis of This Valuation Appraisal Question
Background Knowledge for Valuation Appraisal
Real World Application in Valuation Appraisal
Common Mistakes to Avoid on Valuation Appraisal Questions
Related Topics & Key Terms
Key Terms:
Related Concepts
A transfer tax is a tax imposed on the transfer of ownership of real estate.
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
More Valuation Appraisal Questions
Physical deterioration in Florida is often caused by:
The income approach to value would typically NOT be the primary approach for which of the following Florida properties?
A Florida homeowner sees a current market value estimate of $410,000 but an assessed value of only $300,000 because of long-term assessment limits. What is the dollar difference between market value and assessed value?
A Sarasota shopping center has a gross leasable area of 75,000 square feet with an average rent of $18 per square foot annually. The vacancy rate is 8%, and operating expenses are $675,000 per year. Using a 9% capitalization rate, what is the indicated value?
A Florida homeowner is porting the Save Our Homes (SOH) benefit from a previous homestead to a new one. The previous home had a just (market) value of $335,000 and an assessed value of $235,000 (a $100,000 SOH differential). The new home has a just (market) value of $425,000. Ignoring the $50,000 homestead exemption, what is the maximum assessed value of the new homestead in the first year after porting (upsizing case)?
- → A Florida appraiser is reconciling three approaches for a commercial property: Sales Comparison Approach indicates $3,200,000, Cost Approach indicates $3,800,000, and Income Approach indicates $3,400,000. If the appraiser assigns 60% weight to income approach, 30% to sales comparison, and 10% to cost approach, what is the reconciled value?
- → All of the following information should typically be included in a Florida CMA EXCEPT:
- → When appraising mobile homes in Florida, all of the following factors typically affect value EXCEPT:
- → Assume a Florida homestead is subject to a 3% Save Our Homes cap for the coming year. If last year's assessed value was $180,000, what is the capped assessed value before any exemption is subtracted?
- → A Florida homeowner's property is assessed at $450,000 for tax purposes. The property qualifies for homestead exemption and has Save Our Homes (SOH) protection with a 3% annual cap increase from the previous year's assessed value of $425,000. What is the maximum assessed value for the current tax year?
- → Under Florida law, all of the following factors must be considered when appraising agricultural property for ad valorem tax purposes EXCEPT:
- → When appraising property affected by sinkholes in Florida, all of the following factors should be considered EXCEPT:
- → A Florida licensee preparing a CMA has three adjusted comparable sale prices: $325,000, $332,000, and $338,000. What is the average adjusted indication?
- → A Florida property owner is appealing their property tax assessment. The property has a market value of $380,000, qualifies for a $50,000 homestead exemption, and has additional exemptions totaling $15,000. If the millage rate is 18.5 mills, what is the annual property tax?
- → A Florida property has an assessed value of $340,000. Ignoring any additional exemption and focusing only on the basic homestead exemption, what is the taxable value for school taxes?
People Also Study
Buyer Representation Agreement
8% of exam
Property Ownership
10% of exam
Land Use Controls and Regulations
8% of exam
Valuation and Market Analysis
10% of exam
Related Articles
Appraisal & Valuation for the Real Estate Exam (2026): CMA, Comps, Cap Rate + Examples
Learn the three approaches to value, CMA basics, and cap rate questions with examples and practice.
How to Study Real Estate Valuation Questions Without Mixing Price and Value
A topic that feels clear in notes can still fail in practice if recall has not caught up with recognition. If you are searching for study real estate...
How to Study Real Estate Finance Topics Without Letting Loan and Valuation Terms Blur Together
Use a cleaner study system for real estate finance topics so loan terms, valuation language, and formulas stop blending together.
Previous Question
A Florida valuation problem uses a gross rent multiplier of 165 and market monthly rent of $2,100. What value indication results from that GRM analysis?
Next Question
Scenario Granite Guide raises this Florida point. A Florida appraiser is using the income approach on a small income property with net operating income of $24,000 and an overall capitalization rate of 9.00%. What value indication results?