Property Valuation
Which appraisal approach is typically given the MOST weight when appraising a single-family owner-occupied home in Georgia?
AA. Cost approach
BB. Income approach
CC. Sales comparison approach✓ Correct
DD. All three approaches equally
Explanation
For single-family owner-occupied homes, the sales comparison approach typically receives the most weight because there are usually numerous comparable sales available and buyers make purchasing decisions based on market comparisons. The income and cost approaches serve as checks.
Related Georgia Property Valuation Questions
- A 'before and after' method is used in appraisal when:
- External obsolescence (also called economic or locational obsolescence) is:
- A 'retrospective appraisal' values a property:
- In a seller's market, cap rates for investment properties tend to:
- A property that would sell for more in pieces than as a whole exhibits:
- An appraiser's final 'reconciliation' step in the appraisal process involves:
- In Georgia, the basis for the state's property tax assessment is typically:
- 'Value in use' differs from 'market value' in that value in use is:
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