When appraising a remote Alaska property accessible only by floatplane, an appraiser should:
Why Seek comparables from remote properties and adjust for access limitations and market appeal Is Correct
Answer C: Seek comparables from remote properties and adjust for access limitations and market appeal
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.
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Related Alaska Questions
- 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
- An Alaska appraiser is determining the value of a property in a remote area with no comparable sales. Which approach would likely be MOST useful?Property Valuation
- An appraiser in Alaska uses the sales comparison approach and finds three comparable sales. After adjustments, the adjusted values are $310,000, $315,000, and $312,000. The most likely estimate of value using reconciliation would be:Property Valuation
- In Alaska, when an appraiser uses 'gross adjustments' to evaluate comparable sales quality, smaller gross adjustments generally indicate:Property Valuation
- In an Alaska real estate transaction involving remote rural property accessible only by small aircraft, a buyer should be especially attentive to which contractual provision?Contracts
- An Alaska property sells for $500,000. The buyer gets a loan for $400,000. The lender requires an appraisal. The appraiser values the property at $480,000. What is the maximum loan the lender will approve at 80% LTV based on appraised value?Finance
- Specific performance as a remedy for breach of a real estate contract in Alaska is available because:Contracts
- A deed restriction in Alaska that requires properties in a neighborhood to be used only for residential purposes is an example of:Property Ownership
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.
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.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
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