Property Valuation
A Connecticut appraiser is valuing a property in a subdivision. The subject property has a 3-car garage; the most similar comparable has a 2-car garage. The appraiser determines 1-car garage space is worth $8,000 in this market. The adjustment to the comparable is:
A+$8,000 to the subject
B-$8,000 to the comparable
C+$8,000 to the comparable✓ Correct
DNo adjustment because garages don't affect value
Explanation
When the comparable is inferior (2-car garage vs. subject's 3-car garage), the appraiser makes a positive (upward) adjustment to the comparable's sale price. The comparable's value is increased by the value of the additional feature the subject has: +$8,000.
Related Connecticut Property Valuation Questions
- The 'economic life' of a building is best defined as:
- A property generates a net operating income of $48,000. If the market capitalization rate is 6%, what is the estimated value?
- The income approach to value is most appropriate for valuing which type of Connecticut property?
- What does 'market value' mean in a Connecticut appraisal context?
- In Connecticut, 'functional obsolescence' in an appraisal refers to:
- An appraisal report that provides a brief analysis with limited detail is called a(n):
- A 'paired sales analysis' is used by appraisers to:
- The principle of substitution in real estate appraisal states that:
Practice More Connecticut Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Connecticut Quiz →