Property Valuation
A property appraised using the sales comparison approach has three comparables. The appraiser adjusts each comparable. The final step is to:
AAverage the three adjusted values
BReconcile the adjusted values using professional judgment to arrive at a value estimate✓ Correct
CUse only the highest adjusted value
DUse only the comparable that required the fewest adjustments
Explanation
After adjusting comparables, the appraiser reconciles the range of values using professional judgment, giving more weight to sales that required fewer and smaller adjustments.
Related Delaware Property Valuation Questions
- What is 'investment value' as distinguished from 'market value' in Delaware?
- What is 'economic rent' and how does it compare to 'contract rent' in a Delaware lease?
- In Delaware, what is the 'three-stage' neighborhood life cycle in order?
- What does 'arm's length transaction' mean in a Delaware real estate appraisal?
- What does 'market value' mean in real estate appraisal?
- What is 'accrued depreciation' in the cost approach to a Delaware appraisal?
- In Delaware, what is 'change' as a principle of value in real estate appraisal?
- What is the purpose of the 'three approaches to value' in Delaware appraisal practice?
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →