Property Valuation
In the cost approach, 'reproduction cost' differs from 'replacement cost' in that reproduction cost is the cost to:
ABuild a modern equivalent structure
BBuild an exact replica using the same materials and design✓ Correct
CRepair the existing structure
DDemolish and remove existing improvements
Explanation
Reproduction cost is the cost to build an exact replica of the subject improvement using the same materials, design, and workmanship. Replacement cost uses modern materials and current construction standards.
Related Connecticut Property Valuation Questions
- A Connecticut appraiser identifies three comparable sales. After adjustments, the indicated values are $490,000, $495,000, and $492,000. The appraiser gives greatest weight to the most comparable sale, arriving at a final value of $492,000. This is called:
- An appraiser states that a Connecticut property has a 'remaining economic life' of 35 years. This means:
- The principle of 'highest and best use' requires that it be:
- The highest and best use of a property is defined as the use that is:
- The sales comparison approach to value is most commonly used to appraise:
- Functional obsolescence in real estate appraisal refers to:
- The income approach to value is most appropriate for valuing which type of Connecticut property?
- Which principle of value states that the value added by any component of a property should be measured by what it contributes to the whole?
Practice More Connecticut Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Connecticut Quiz →