The sales comparison approach to appraisal is most appropriate for which type of property?
Correct Answer
C) Residential properties with available comparable sales data
The sales comparison approach is most appropriate for residential properties where recent, comparable sales data is available. It estimates value by comparing the subject property to similar properties that have recently sold, making adjustments for differences. It is less reliable for unique or special-use properties that lack comparable sales.
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Related Concepts
Homestead portability allows homeowners to transfer a portion of their accumulated homestead tax savings to a new homestead in the same state.
The income approach estimates a property's value based on the income it generates by converting net operating income into a value estimate using a capitalization rate. It is the preferred method for income-producing properties.
Many states have laws to limit how much property taxes can increase each year, regardless of market value fluctuations.
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Which of the following best describes how Utah's rapid population growth, driven partly by Silicon Slopes tech expansion, has affected housing affordability?
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The rapid growth of the 'Silicon Slopes' tech corridor in Utah has most directly affected real estate in which area?
- → The income approach to appraisal is most commonly used for which type of property?
- → External obsolescence in Oklahoma:
- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
- → Which formula correctly calculates the capitalization rate?
- → The sales comparison approach to appraisal is most commonly used for which type of property?
- → Which four tests must a use satisfy to qualify as the highest and best use of a property?
- → Three depreciation:
- → Cap rate:
- → A Comparative Market Analysis (CMA) is best described as which of the following?
- → Which formula best represents the cost approach to appraisal?
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