Property Valuation
A Maryland property's value that is 'over-improved' for its neighborhood means:
AThe improvements have been over-depreciated
BThe property has improvements that are more extensive than typical for the area, limiting the cost's contribution to value✓ Correct
CThe building exceeds zoning height limits
DThe property has been over-assessed by SDAT
Explanation
An over-improvement is an improvement whose cost exceeds its market value contribution, often because it exceeds what the surrounding market supports — a form of functional obsolescence.
Related Maryland Property Valuation Questions
- An appraiser in Maryland who violates the Uniform Standards of Professional Appraisal Practice (USPAP) may face discipline from:
- The cost approach to value calculates:
- In an appraisal, when a comparable property sold is superior to the subject property in a specific feature, the appraiser will:
- A Maryland rental property generates $36,000 net operating income annually. Using a 6% capitalization rate, the indicated value is:
- Which professional is required to perform an appraisal for a federally regulated mortgage transaction in Maryland?
- In Maryland, a property owner who disagrees with their SDAT assessment may appeal to:
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- In the sales comparison approach, an appraiser makes adjustments to comparables for differences. If a comparable has a feature the subject does NOT have, the adjustment to the comparable is:
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