Property Valuation
A Kansas appraiser finds three comparable sales. After adjustments, the value indications are $185,000, $192,000, and $188,000. The appraiser weights the best comparable at 60% and the others equally. What is the reconciled value?
A$188,333
B$188,400✓ Correct
C$189,000
D$190,200
Explanation
Best comparable: $192,000 × 60% = $115,200. Others equally at 20% each: $185,000 × 20% = $37,000; $188,000 × 20% = $37,600.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
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