Valuation & Appraisal Practice Questions

The final appraisal step of weighing different approaches is called:

Reconciliation is the final step in the appraisal process where the appraiser weighs the results from different valuation approaches to arrive at a final value opinion.

An example of functional obsolescence is:

Functional obsolescence is a loss in value due to outdated design or features within the property, such as outdated plumbing, poor floor plan, or inadequate electrical systems.

The sales comparison approach adjusts for differences by:

Adjustments are made to comparable properties to make them equivalent to the subject property.