Property Valuation
The principle of conformity in Kentucky real estate valuation holds that:
AAll properties in Kentucky must conform to state building codes
BValue is maximized when properties conform to the character of the neighborhood✓ Correct
CAll appraisals must conform to KREC standards
DBuyers must conform to lender underwriting guidelines
Explanation
The principle of conformity states that property values are maximized when land uses are similar in type and quality, creating a homogeneous neighborhood.
Related Kentucky Property Valuation Questions
- When making adjustments in the sales comparison approach, if a comparable property has a feature the subject property lacks, the appraiser should:
- In Kentucky, a homeowner who makes significant improvements to their property can expect the assessed value to:
- The principle of substitution in Kentucky property valuation states:
- In the cost approach, the term 'effective age' refers to:
- A Kentucky property with 100 feet of frontage on a main commercial road and 200 feet of depth is being valued. The appraiser applies a 'plottage' adjustment because:
- The principle of anticipation in real estate valuation states that:
- External obsolescence (also called economic obsolescence) in a Kentucky property may be caused by:
- Assessed value in Kentucky is typically set by:
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