Property Valuation
An appraiser's final value conclusion is $485,000 for a Connecticut single-family home. The sales comparison approach indicated $490,000, the cost approach indicated $470,000, and the income approach was not applicable. The appraiser placed most weight on the sales comparison approach. This process is called:
ARegression analysis
BPaired sales analysis
CReconciliation✓ Correct
DBracketing
Explanation
Reconciliation is the final step in the appraisal process where the appraiser reviews and weighs the results of each applicable approach, considering the purpose of the appraisal, the availability of data, and the reliability of each approach, to arrive at a final value opinion.
Related Connecticut Property Valuation Questions
- A Connecticut property's listing price is $550,000 and it sells for $565,000. The sale-price-to-list-price ratio is:
- A Connecticut appraiser completing a cost approach finds the following: Land value $90,000; Reproduction cost $400,000; Physical depreciation 15%; Functional obsolescence 5%; External obsolescence 0%. What is the total depreciated value of improvements?
- Economic obsolescence (external obsolescence) in an appraisal is caused by:
- The sales comparison approach to value is most commonly used to appraise:
- What is 'assessed value' in Connecticut property taxation?
- A Connecticut appraiser is valuing a vacant commercial lot. Which approach would be MOST appropriate?
- The principle of substitution states that a buyer will pay no more for a property than:
- 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 →