Property Valuation
The 'principle of progression' in Maine real estate appraisal suggests that:
AInferior properties increase in value when surrounded by superior properties✓ Correct
BValues always increase over time
CThe highest-priced property in a neighborhood sets the standard
DNew construction always exceeds existing home values
Explanation
The principle of progression holds that a property of lesser quality will benefit (increase in value) when located among properties of higher quality, due to the upward pull of surrounding values.
Related Maine Property Valuation Questions
- A Maine homeowner believes their property is over-assessed. Their first step in challenging the assessment is typically to:
- In Maine, 'gross rent multiplier' (GRM) is used to estimate value by:
- A Maine appraiser is valuing a 3-unit residential property. Which approach to value would typically be given the most weight?
- In Maine real estate appraisal, 'market value' is best defined as:
- A Maine property's 'effective age' is different from its 'actual age' because:
- In Maine, the homestead exemption reduces the assessed value of a primary residence by:
- A Maine appraiser is asked to provide a 'retrospective appraisal' (appraising as of a past date). This may be needed for:
- Functional obsolescence in a Maine residential property is caused by:
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →