Property Valuation
A Maine appraiser is valuing a 3-unit residential property. Which approach to value would typically be given the most weight?
ACost approach
BIncome approach combined with sales comparison✓ Correct
CSales comparison approach only
DAssessed value approach
Explanation
For small income properties (2–4 units), appraisers typically consider both the income approach and the sales comparison approach, as both investors and owner-occupants may purchase such properties.
Related Maine Property Valuation Questions
- In real estate appraisal, a 'comparable sale' (comp) used in the sales comparison approach should be:
- An appraiser in Maine uses the sales comparison approach and finds three comparable sales at $275,000, $290,000, and $285,000. The unadjusted average value would be:
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- In Maine, which appraisal approach would typically be most appropriate for a 20-unit apartment building?
- When a Maine appraiser applies the principle of 'contribution' to a home addition, they are determining:
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