Property Valuation
Which appraisal approach is most appropriate for valuing a special-use property like a church in Kansas?
ASales comparison approach
BIncome approach
CCost approach✓ Correct
DGross rent multiplier method
Explanation
The cost approach is best for special-use properties like churches, schools, and government buildings that rarely sell and have no rental income stream.
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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.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Math Concepts
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