Property Valuation
The reliability of the sales comparison approach in Colorado appraisal is most affected by:
AThe property's replacement cost
BThe quality and quantity of recent comparable sales data✓ Correct
CThe property's income potential
DThe property's original construction cost
Explanation
The reliability of the sales comparison approach depends primarily on the availability of recent, similar, arm's length comparable sales in the subject's market area. Without good comparable data, this approach loses reliability.
Related Colorado Property Valuation Questions
- An appraisal for a federally related transaction in Colorado must be performed by:
- The 'market value' of a property in Colorado is best defined as:
- The 'Uniform Standards of Professional Appraisal Practice' (USPAP) is published by:
- The principle of 'highest and best use' in Colorado appraisal means:
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- Effective age in a Colorado appraisal differs from actual age because effective age reflects:
- Colorado's state-licensed appraisers may appraise property valued up to what threshold without a certified appraiser?
- Colorado's 'mass appraisal' process used by county assessors differs from an individual appraisal in that it:
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