Property Valuation
Maine's rural properties (farms, timberland, hunting camps) present appraisal challenges because:
AThey are always worth more than urban properties
BComparable sales may be sparse, requiring appraisers to use larger geographic areas and older sales✓ Correct
CRural properties never depreciate
DMaine law prohibits the use of comparable sales for rural properties
Explanation
Appraising rural Maine properties is challenging because comparable sales are often scarce, requiring appraisers to search wider geographic areas and potentially use older sales, making adjustments for time, location, and property characteristics.
Related Maine Property Valuation Questions
- The 'principle of substitution' in Maine real estate appraisal states that:
- In Maine, the principle of substitution in real estate valuation states that:
- In Maine, 'superadequacy' (a type of functional obsolescence) in appraisal refers to:
- In real estate appraisal, a 'comparable sale' (comp) used in the sales comparison approach should be:
- The principle of 'regression' in real estate valuation states that:
- In Maine real estate appraisal, 'market value' is best defined as:
- A Maine property has a replacement cost new of $400,000 and total accrued depreciation of $60,000. The land value is $75,000. What is the value indication using the cost approach?
- When a Maine appraiser reconciles three value approaches, they should:
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