Property Valuation
A Kentucky agricultural property's value may be primarily determined by:
AIts replacement cost
BComparable sales, crop production capacity, and income potential✓ Correct
CThe government survey system coordinates
DThe county PVA's assessment
Explanation
Agricultural property value is typically estimated using comparable sales of similar farm properties, the land's productivity capacity, and the income it can generate from crops or livestock.
Related Kentucky Property Valuation Questions
- A Kentucky appraiser determines that a property's highest and best use is a small office building, but the current use is a single-family home. The difference in value between the current use and the highest and best use represents:
- An appraiser's final estimate of value represents a reconciliation of the three approaches. Reconciliation means the appraiser:
- The income approach to value is most appropriate for:
- A Kentucky appraiser finds that newer, larger homes in a neighborhood are selling for significantly less per square foot than older, smaller homes. This is an example of:
- In the cost approach, the formula for estimating value is:
- A Kentucky commercial property appraiser must disclose in their report any:
- The gross rent multiplier (GRM) for a Kentucky residential rental property is calculated as:
- In the income approach, potential gross income (PGI) is the income a Kentucky property would generate if:
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