Property Valuation
A Florida appraiser places most weight on the sales comparison approach for a single-family home. This is because:
AThe income approach is more accurate for all property types
BSingle-family homes are primarily valued based on comparable market sales rather than income or cost✓ Correct
CThe cost approach is prohibited for residential properties
DFREC requires the sales comparison approach for all appraisals
Explanation
For single-family owner-occupied homes, the sales comparison approach is typically given the most weight because buyers primarily make purchase decisions based on comparable sales prices, and reliable data is usually available.
Related Florida Property Valuation Questions
- In a buyer's market in Florida, which of the following is most likely TRUE?
- In Florida, an appraisal performed for a federally related transaction must be conducted by a:
- In the income approach, 'effective gross income' (EGI) is calculated as:
- Which of the following best defines 'market value' in a Florida appraisal context?
- An appraiser is valuing a Florida convenience store. Which valuation approach would most likely be given the greatest weight?
- The 'gross rent multiplier' (GRM) is calculated by:
- When an appraiser applies the 'income approach' to a residential rental property, the final step is to:
- In Florida real estate, 'market value' is best defined as:
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