Property Valuation
A Florida appraiser is valuing a historic property with unique architectural features. Which approach is most appropriate?
AIncome approach only
BSales comparison approach with adjustments for unique features; cost approach may also be used✓ Correct
CGross rent multiplier only
DLand residual technique only
Explanation
For unique or historic properties, the sales comparison approach (with careful adjustments for unique features) is typically primary. The cost approach may also be considered. The income approach is used if the property generates rental income.
Related Florida Property Valuation Questions
- An appraiser finds that a comparable home sold for $285,000 but has an extra half bathroom that the subject property lacks. If a half bathroom contributes approximately $3,500 to value, what adjusted sale price is used for comparison?
- An appraiser estimates a property has a reproduction cost of $250,000, accrued depreciation of $50,000, and land value of $75,000. The indicated value using the cost approach is:
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- In Florida, which type of appraisal report provides the most comprehensive documentation of the appraiser's analysis?
- A Florida appraiser is asked for an 'as-completed' value. This means:
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