Property Valuation
A Kentucky appraiser notes that comparable home sales in a Louisville neighborhood have occurred at prices ranging from $240,000 to $260,000 over the past 6 months. This price range is called the:
AMarket value range
BValue range or range of value✓ Correct
CCompetitive market analysis
DAssessment range
Explanation
The range of value (or value range) represents the spread of market evidence. An appraiser analyzes this range and reconciles to a single point estimate of value within the supported range.
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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.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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