Property Valuation
An appraisal 'adjustment for time' is needed when comparable sales:
AAre from different neighborhoods
BOccurred at different times when market conditions have changed✓ Correct
CHave different square footage
DWere financed with different loan types
Explanation
Time adjustments account for changes in market conditions between the sale dates of comparables and the effective date of the appraisal. Rising or falling markets require adjusting comparable prices to reflect current value.
Related Arkansas Property Valuation Questions
- Which appraisal approach estimates value by analyzing recent sales of comparable properties?
- The term 'as-is market value' in an appraisal means:
- Which of the following would cause an appraiser to use the cost approach as the primary method of valuation?
- The income approach to value is based on the principle that a property's value is related to:
- What is the purpose of a Broker Price Opinion (BPO)?
- The principle of anticipation holds that value is determined by:
- Depreciation in the cost approach refers to:
- When an appraiser selects comparable sales, they should prefer comparables that:
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