Property Valuation
In Kansas, when comparing sales in the same neighborhood, an appraiser finds that properties with swimming pools sell for $12,000 more on average than similar properties without pools. This $12,000 represents the:
ACost of installing a new pool
BPaired sales-derived market adjustment for the pool's contribution to value✓ Correct
CAssessed value contribution of the pool
DReplacement cost new of the pool feature
Explanation
Using paired sales analysis to compare similar properties with and without a specific feature reveals the market's value contribution of that feature — in this case, buyers are paying $12,000 more for a home with a pool.
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Key Terms to Know
Comparable Sales (Comps)
Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Math Concepts
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