Property ValuationIntermediateDelaware Exam

What is 'mass appraisal' in the context of Delaware property tax assessment?

AAppraising a large number of luxury properties simultaneously
BThe systematic valuation of multiple properties as of a specific date using standardized methods and statistical testingCorrect
CSimply an appraisal technique that relies only on satellite imaging to value every property across an entire area, in general
DAn appraisal conducted by multiple appraisers working together on one property

Why The systematic valuation of multiple properties as of a specific date using standardized methods and statistical testing Is Correct

Answer B: The systematic valuation of multiple properties as of a specific date using standardized methods and statistical testing

Mass appraisal is the process of valuing large numbers of properties as of a specific date for tax assessment purposes. Unlike individual appraisals, mass appraisal uses statistical models and standardized methodologies to value all properties consistently.

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.

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