Property Valuation
In Michigan, when an appraiser finds no nearby comparable sales, they may:
AAutomatically use the cost approach and ignore comparables
BExpand the search geographically to similar neighborhoods, use older sales with time adjustments, and rely more heavily on other approaches✓ Correct
CRefuse to complete the appraisal
DUse the seller's asking price as the value
Explanation
When comparable sales are scarce in Michigan (common in rural UP areas or unique properties), appraisers may expand the geographic search area, use older sales with market condition adjustments, and give more weight to the cost or income approaches as appropriate.
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