Property ValuationIntermediateDelaware Exam

In an appraisal, what is an 'adjustment' in the sales comparison approach?

AA change made to the appraiser's fee
BA dollar or percentage change to a comparable's sale price to account for differences from the subjectCorrect
CA revision to the appraisal after a reconsideration request
DA change in zoning that affects property value

Why A dollar or percentage change to a comparable's sale price to account for differences from the subject Is Correct

Answer B: A dollar or percentage change to a comparable's sale price to account for differences from the subject

In the sales comparison approach, adjustments are made to comparable sale prices to account for differences between the comparable property and the subject property (e.g.

Exam Tip: Property Valuation

Valuation questions focus on the three approaches to value: sales comparison, cost, and income. Know which approach is best for which property type. The income approach uses cap rate and NOI — memorize these formulas.

Key Property Valuation Terms in This Question

Appraisal

A professional estimate of a property's market value prepared by a licensed or certified appraiser.

Zoning

Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.

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