What is a 'before and after' appraisal in the context of partial takings?
Why An appraisal used in eminent domain partial takings — comparing the property's value before the taking with the value of the remainder after the taking Is Correct
Answer B: An appraisal used in eminent domain partial takings — comparing the property's value before the taking with the value of the remainder after the taking
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
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Key Terms to Know
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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