Property Valuation
The 'principle of change' in Mississippi real estate valuation acknowledges that:
AProperty values never decrease
BReal estate markets and property values are constantly changing due to economic, physical, and governmental forces✓ Correct
CAppraisers must update their value opinions annually
DGovernment regulation requires annual reassessment of all properties
Explanation
The principle of change recognizes that real estate markets are dynamic. Physical, economic, governmental, and social forces are constantly changing, affecting supply, demand, and ultimately property values.
Related Mississippi Property Valuation Questions
- In the sales comparison approach, an appraiser found a comparable that recently sold for $285,000 but lacks a swimming pool that the subject property has, valued at $12,000. What is the adjusted sale price of the comparable?
- The 'effective age' of a Mississippi building in appraisal refers to:
- A Mississippi appraiser's value conclusion for a single-family home is $230,000. The lender requires the appraisal to support a $225,000 loan on a $250,000 purchase. The LTV is:
- In a Mississippi appraisal using the income approach, 'potential gross income' (PGI) differs from 'effective gross income' (EGI) in that:
- A Mississippi appraiser's final reconciled value is $375,000. The lender wants the appraiser to change the value to $395,000 to support the loan. The appraiser must:
- Which of the following best describes the difference between 'price' and 'value' in Mississippi real estate?
- Which of the following does NOT affect the market value of a Mississippi residential property?
- An appraiser notes that a property's garage was built without permits and is non-conforming. This would most likely represent:
Practice More Mississippi Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Mississippi Quiz →