Property Valuation
The principle that value is created and maintained when a property's use is consistent with surrounding uses is called:
AConformity✓ Correct
BProgression
CRegression
DSubstitution
Explanation
The principle of conformity holds that maximum value is achieved when a property's use, style, and condition are compatible with surrounding properties and the neighborhood.
Related Connecticut Property Valuation Questions
- A Connecticut appraiser is asked to determine the market rent for a property. This is part of which appraisal approach?
- An appraiser using the cost approach to value a property would:
- A Connecticut assessor determines a property's assessed value to be $210,000. The mill rate is 27.5. What are the annual property taxes?
- An appraiser in Connecticut notes that a property has superior curb appeal compared to the comparable. This is an example of a(n):
- When using the sales comparison approach, an appraiser makes adjustments to comparables to account for differences with the subject property. If a comparable has a feature the subject lacks, the adjustment to the comparable is:
- Which best describes the 'capitalization rate' (cap rate) used in the income approach?
- Functional obsolescence caused by a feature that modern buyers consider undesirable (e.g., a one-car garage in a neighborhood where two-car garages are standard) is called:
- The principle of substitution in real estate appraisal states that:
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