Property Valuation
In Maine, the 'principle of progression' in real estate valuation means a lower-value home in a neighborhood of higher-value homes will:
ADecrease the value of surrounding homes
BBe valued higher than it would be in a lower-value neighborhood✓ Correct
CBe worth exactly the average of surrounding homes
DLose value over time due to the contrast
Explanation
The principle of progression holds that a lower-value property benefits from being surrounded by higher-value properties — the lower-value home will tend to be worth more in a better neighborhood than in a worse one.
Related Maine Property Valuation Questions
- A Maine appraiser uses three comparable sales to estimate value. The comparables show adjusted values of $285,000, $292,000, and $288,000. What is the simple average value indication?
- A Maine appraiser is asked to provide a 'restricted use appraisal report.' This type of report is:
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- In Maine real estate appraisal, 'market value' is best defined as:
- In Maine, which appraisal approach would typically be most appropriate for a 20-unit apartment building?
- Which appraisal approach is MOST commonly used for special-purpose properties like a lighthouse or fire station in Maine?
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