Property Valuation
The principle of 'conformity' in appraisal holds that:
AAll properties must be built to the same standard
BProperties reach their maximum value when they are similar to surrounding properties✓ Correct
CAppraisers must follow USPAP standards
DZoning must be uniform across a neighborhood
Explanation
The principle of conformity states that properties achieve and maintain their maximum value when they conform to the character of the surrounding neighborhood. The over-improvement or under-improvement principle is related to this.
Related Idaho Property Valuation Questions
- What is a 'desk review' in the appraisal process?
- Which of the following would be considered a physical characteristic affecting property value?
- What does 'reconciliation' mean in the appraisal process?
- Which appraisal approach estimates value by calculating the cost to reproduce or replace a structure minus depreciation, plus land value?
- In Idaho, what government office produces the assessed value used for property tax calculations?
- Economic (external) obsolescence is caused by:
- What is the gross rent multiplier (GRM) method used for?
- Functional obsolescence in an appraisal refers to:
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