Property Valuation
What is 'progression' as an appraisal principle?
AProperties always appreciate over time
BA lower-value property gains value from proximity to surrounding higher-value properties✓ Correct
CA newly built property gains value faster than older properties
DThe increase in value from adding improvements
Explanation
The principle of progression states that a lower-value or 'under-improved' property gains value from being surrounded by higher-value properties. This is why the smallest house in a premium neighborhood may sell for more than comparable homes in a less desirable area.
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