Property Valuation
When appraising a single-family home, which approach to value is given the most weight?
ACost approach
BIncome approach
CSales comparison approach✓ Correct
DGross rent multiplier approach
Explanation
For single-family owner-occupied homes, the sales comparison approach is typically given the most weight because the market for such homes is active and provides reliable comparable sales data. The cost approach is most useful for new construction and special-use properties; the income approach is best for investment properties.
Related Illinois Property Valuation Questions
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