Property Valuation
What is 'neighborhood analysis' in an Illinois residential appraisal?
AA crime statistics report required for all appraisals
BAn evaluation of factors in the surrounding area that affect the subject property's value, including economic, governmental, social, and physical influences✓ Correct
CA comparison of homeowner association rules in the neighborhood
DA demographic study of the population within one mile of the property
Explanation
Neighborhood analysis examines the physical, economic, governmental, and social factors surrounding the subject property that influence its value. Appraisers consider boundaries, land use patterns, economic trends, amenities, property condition trends, and market conditions in the area.
Related Illinois Property Valuation Questions
- An Illinois real estate appraiser describes a neighborhood as being in the 'declining' phase of the neighborhood life cycle. This means:
- Functional obsolescence differs from physical deterioration in that functional obsolescence is caused by:
- In Illinois, mass appraisal (used by county assessors) differs from individual property appraisal in that:
- In the sales comparison approach, what is the process of making dollar adjustments for differences between comparable properties and the subject property?
- When estimating value using the sales comparison approach, an Illinois appraiser looks for comparables that are most similar to the subject in terms of:
- An over-improvement is a property improvement that:
- If a comparable property sold for $310,000 and had an extra full bathroom that the subject property lacks, the appraiser would make what kind of adjustment?
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