Property Valuation
A Connecticut appraiser is analyzing a sale that occurred 8 months ago. Since that time, the local market has appreciated 2% over 8 months. If the comparable sold for $420,000, what is the time-adjusted value?
A$428,400✓ Correct
B$425,200
C$428,150
D$430,000
Explanation
Time adjustment = $420,000 × 2% = $8,400. Time-adjusted value = $420,000 + $8,400 = $428,400.
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Key Terms to Know
Comparable Sales (Comps)
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.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
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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