Property Valuation
In Michigan, 'market conditions adjustments' in a sales comparison appraisal account for:
AThe appraiser's personal opinion of the neighborhood
BChanges in value between the date of a comparable sale and the effective appraisal date✓ Correct
CPhysical differences between the comparable and subject property
DDifferences in financing terms between sales
Explanation
Market conditions adjustments (time adjustments) account for the fact that the market may have appreciated or depreciated between the date of a comparable sale and the appraisal's effective date. This ensures comparables are adjusted to reflect current market conditions.
Related Michigan Property Valuation Questions
- In Michigan, an appraiser preparing a 'desk review' of another appraiser's report:
- In Michigan, the principle of 'progression' in real estate means:
- When using the sales comparison approach in Michigan, an appraiser must consider all of the following adjustments EXCEPT:
- In Michigan, a certified residential appraiser is limited to appraising:
- In Michigan, when comparable sales show a wide range of values, the appraiser typically:
- A Michigan appraiser notes that a subject property's bathroom has outdated fixtures. This type of depreciation is called:
- In Michigan appraisal, 'market rent' differs from 'contract rent' because:
- A Michigan appraiser's reconciliation of the three approaches to value is the process of:
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