Property Valuation
The 'principle of conformity' in real estate valuation states that:
AA. All properties in a neighborhood must sell for the same price
BB. Property values are maximized when the property conforms to neighborhood standards✓ Correct
CC. Unique properties always command higher prices
DD. Non-conforming uses must be removed for values to increase
Explanation
The principle of conformity holds that property values are maximized when a property is consistent with surrounding properties in terms of size, style, and use. An oversized or undersized property in a neighborhood may not achieve its maximum value.
Related Georgia Property Valuation Questions
- In an appraisal, a comparable sale that is superior to the subject property requires the appraiser to:
- An appraiser who conducts an appraisal for a client who is also the appraiser's relative must:
- In the cost approach, the 'site value' is estimated as if the land were:
- Which appraisal approach is typically given the MOST weight when appraising a single-family owner-occupied home in Georgia?
- The 'principle of regression' in real estate valuation holds that:
- A Uniform Standards of Professional Appraisal Practice (USPAP) is important because it:
- An appraiser uses the 'Marshall Valuation Service' (or similar cost data service) to estimate:
- The 'economic life' of a building in appraisal is defined as:
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