Property Valuation
A comparable property sold for $290,000 one year ago. Market data shows values have increased 5% in the past year. What time-adjusted value would be used for this comparable?
A$290,000
B$275,500
C$304,500✓ Correct
D$318,000
Explanation
Time-adjusted value = $290,000 × (1 + 0.05) = $290,000 × 1.05 = $304,500. To solve this, multiply the relevant values: $290,000 at 5%.. The correct answer is $304,500.. This is a common calculation on the Illinois real estate exam.
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