Property Valuation
A Florida appraiser is asked to value a proposed new subdivision. The most appropriate value standard would be:
AAssessed value
BProspective market value 'as completed' and 'as stabilized'✓ Correct
CInsurance replacement value
DHistorical cost
Explanation
For a proposed development, appraisers typically provide prospective value opinions: 'as completed' (assuming construction is finished by a specified date) and 'as stabilized' (assuming the property reaches stabilized occupancy). Lenders use these for construction loan decisions.
Related Florida Property Valuation Questions
- The income approach to value is most commonly used for which type of Florida property?
- Florida property appraisers must comply with USPAP (Uniform Standards of Professional Appraisal Practice). USPAP is developed by:
- In Florida real estate, 'plottage value' refers to:
- A Florida appraiser determines that a neighborhood's land values have been declining because of high vacancy rates. This condition is known as:
- A Florida income property has an NOI of $72,000 and a capitalization rate of 8%. What is the estimated value using the income approach?
- What is 'effective age' of a property in appraisal terminology?
- Functional obsolescence in a Florida property occurs due to:
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