In Alaska, when an appraiser refers to the 'subject property,' they mean:
Why The specific property being appraised in the current assignment Is Correct
Answer B: The specific property being appraised in the current assignment
Exam Tip: Property Valuation
Valuation questions focus on the three approaches to value: sales comparison, cost, and income. Know which approach is best for which property type. The income approach uses cap rate and NOI — memorize these formulas.
Key Property Valuation Terms in This Question
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- An appraiser using the sales comparison approach in Alaska adjusts comparable sales for differences. If a comparable is inferior to the subject property in a particular feature, the appraiser will:Property Valuation
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Key Terms to Know
Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
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