The sales comparison approach to appraisal is most commonly used for which type of property?
Correct Answer
B) Residential properties with available comparable sales
The sales comparison approach (also called the market data approach) is most commonly used to appraise residential properties because it relies on recent sales of similar nearby properties (comparables or 'comps'). The appraiser adjusts the sale prices of the comparables for differences in features, location, and condition to arrive at an estimated value. This approach works best when there are sufficient recent, comparable sales available in the market.
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- → 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?
- → The sales comparison approach to appraisal is most appropriate for which type of property?
- → 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:
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- → A Comparative Market Analysis (CMA) is best described as which of the following?
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