Property Valuation
An appraiser in Mississippi encounters a property with an unusual design and limited comparable sales. To develop a credible value opinion, the appraiser might emphasize:
AOnly the cost approach since comparables are limited
BAll applicable approaches with expanded geographic or temporal search for comparables, and thorough explanation of why the data supports the conclusion✓ Correct
CSimply declining the assignment
DUsing the owner's estimate of value as a starting point
Explanation
When comparable data is limited, appraisers must expand their search (larger geographic area, longer time period), use all applicable approaches, carefully analyze adjustments, and thoroughly explain their reasoning. USPAP requires appraisers to develop credible analyses regardless of data limitations — and to decline only if competency cannot be achieved.
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