Property Valuation
A Delaware property is assessed at $180,000 with an assessment ratio of 60% of market value. What is the estimated market value?
A$108,000
B$240,000
C$300,000✓ Correct
D$270,000
Explanation
If assessed value = 60% of market value, then market value = assessed value ÷ assessment ratio = $180,000 ÷ 0.60 = $300,000.
Related Delaware Property Valuation Questions
- What is 'fee simple value' versus 'leased fee value' in Delaware property appraisal?
- What is 'cost of development' approach to land valuation in Delaware?
- What is 'automated valuation model' (AVM) technology and its limitations in Delaware?
- What is the 'highest and best use' principle in real estate appraisal?
- What is a 'desk review' versus a 'field review' of a Delaware appraisal?
- What is 'investment value' as distinguished from 'market value' in Delaware?
- What is 'functional obsolescence' in real estate appraisal?
- What is a 'restriction' and how might it affect a Delaware property's value?
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →