Property Valuation
'Value in use' differs from 'market value' in that value in use is:
AThe same as market value
BThe value of a property to a specific user based on its productivity in their use✓ Correct
CThe replacement cost
DThe assessed value for tax purposes
Explanation
Value in use is the specific value of a property to a particular user based on its productivity in their specific use, which may differ significantly from the market value (what a typical buyer would pay).
Related Georgia Property Valuation Questions
- Plottage (assemblage) refers to the increase in value when:
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- External (economic) obsolescence differs from functional obsolescence in that it is:
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- A broker's price opinion (BPO) is most commonly used by:
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- Reconciliation in the appraisal process involves:
- An appraisal done for a refinance is often based on the assumption that:
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