Property Valuation
In the cost approach, 'land value' is determined separately by:
ASubtracting depreciation from reproduction cost
BUsing the sales comparison approach with comparable land sales✓ Correct
CCapitalizing the land's income
DApplying the assessed value ratio
Explanation
In the cost approach, land is valued separately using the sales comparison approach (comparing with recent sales of comparable vacant land), then added to the depreciated improvement value.
Related Connecticut Property Valuation Questions
- A Connecticut appraiser determines that a property has a remaining economic life of 35 years and a current effective age of 15 years. The total economic life estimate is:
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- Which of the following is most likely to DECREASE a property's value through external obsolescence?
- A 'paired sales analysis' is used by appraisers to:
- In the cost approach, 'reproduction cost' differs from 'replacement cost' in that reproduction cost is the cost to:
- In the sales comparison approach, a comparable sale that sold 18 months ago would typically require:
- A Connecticut property has a GRM of 140 based on comparable sales. The subject property rents for $2,800 per month. What is the estimated value?
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