In Oregon residential appraisals, which approach to value is most commonly used?
Correct Answer
B) The sales comparison approach, which analyzes recent sales of comparable properties
The sales comparison approach is the primary method used to appraise residential properties in Oregon and throughout the United States. It estimates value by comparing the subject property to recently sold comparable properties and making adjustments for differences. The income approach is typically used for investment properties, and the cost approach is most relevant for new construction or special-use properties.
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