When using the sales comparison approach in Florida, an appraiser would make adjustments for all of the following property characteristics EXCEPT:
Correct Answer
D) Appraiser's personal preference
Appraiser's personal preference is not a valid basis for adjustments in the sales comparison approach, as appraisals must be objective and based on market evidence. Date of sale adjustments account for market changes over time. Location differences affect property values and require adjustment. Financing terms can affect sale prices and may require adjustment for cash equivalency.
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Previous Question
A Florida appraiser is valuing a 40-unit apartment complex in Tampa that generates $360,000 in annual net operating income. Recent sales of similar properties indicate a capitalization rate of 7.5%. Using the income approach, what factors must the appraiser consider when applying this cap rate?
Next Question
A Florida appraiser is valuing a unique historical courthouse in St. Augustine that is being converted to a boutique hotel. There are no comparable sales of similar properties, and the income approach is difficult to apply due to the unique nature of the business. Which approach would be most appropriate and why?