Property Valuation
An Indiana appraiser valuing a special purpose property (such as a church or school) would most likely rely on:
AIncome approach primarily
BCost approach, as there are few comparable sales of special purpose properties✓ Correct
CSales comparison approach using standard residential comparables
DGRM analysis
Explanation
Special purpose properties (churches, schools, hospitals, fire stations) are rarely sold, making sales comparables scarce. The cost approach (land value plus depreciated cost of improvements) is typically the most reliable approach for these properties.
Related Indiana Property Valuation Questions
- In Indiana, the sales comparison approach requires a minimum of how many comparable sales for a residential appraisal?
- In a sales comparison approach, a positive adjustment is made to a comparable when:
- A capitalization rate is used in the income approach to:
- Exposure time in an Indiana appraisal is defined as:
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- A 1031 tax-deferred exchange in Indiana allows an investor to:
- Reproduction cost vs. replacement cost in Indiana appraisals: replacement cost refers to:
- In Indiana appraisal practice, the 'as is' condition of a property means the appraiser values the property:
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