Property Valuation
A Minnesota appraiser is called to testify as an expert witness in a condemnation case. The appraiser is providing which type of value opinion?
AInvestment value
BAssessed value
CJust compensation (market value for eminent domain)✓ Correct
DLiquidation value
Explanation
In condemnation (eminent domain) proceedings, the property owner is entitled to 'just compensation,' which is typically market value - the price a willing buyer would pay a willing seller in an arm's-length transaction. Minnesota appraisers often testify in condemnation cases to establish the fair market value of condemned properties.
Related Minnesota Property Valuation Questions
- A Minnesota appraiser is valuing a special-purpose property (church building). Which appraisal approach is typically most applicable?
- The cost approach to value is most reliable for appraising:
- In Minnesota appraisal practice, 'paired sales analysis' is used to determine the market value of:
- Depreciation in real estate appraisal (for the cost approach) is defined as:
- Regression and progression are appraisal principles related to:
- The capitalization rate (cap rate) is used in the income approach and is calculated as:
- In Minnesota, contributory value refers to:
- Economic life of a building in Minnesota appraisal refers to:
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