Property Valuation
What is the 'principle of change' in real estate appraisal as it applies to Idaho?
AReal estate values never change
BReal estate markets and property values are constantly changing due to economic, physical, and social forces✓ Correct
COnly government actions can change property values
DChanges only occur in commercial real estate markets
Explanation
The principle of change recognizes that real estate values are affected by constant change — in the economy, demographics, neighborhood characteristics, physical property conditions, and legal and political environments.
Related Idaho Property Valuation Questions
- When comparing sales, an appraiser adjusts for differences between the comparable property and the subject property. If the comparable sold for $300,000 and had a pool (worth $15,000) that the subject property lacks, the adjusted value is:
- The cost approach to value is MOST appropriate for:
- A USPAP-compliant appraisal in Idaho means the appraiser has followed:
- What is the 'income multiplier' method most useful for in Idaho commercial real estate?
- What is a 'drive-time analysis' used for in commercial real estate in Idaho?
- Which of the following would increase a property's value using the cost approach?
- A comparable sale that closed 12 months ago in a rising market would require which type of adjustment?
- When an appraiser 'brackets' comparable sales, they are:
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