Property Valuation
The principle of 'conformity' in Mississippi real estate valuation holds that:
AAll properties in a subdivision must be the same price
BMaximum value is realized when properties in an area are similar in use, style, and quality✓ Correct
CProperty values always conform to assessed values
DAppraisers must conform to MREC standards
Explanation
The principle of conformity states that properties achieve maximum value when they are compatible with the predominant character of the neighborhood in terms of use, design, and quality.
Related Mississippi Property Valuation Questions
- When appraising a new custom-built home with few comparable sales, which approach is MOST appropriate?
- Which of the following best describes the difference between 'price' and 'value' in Mississippi real estate?
- A Mississippi property has a net operating income of $18,000 per year. If the capitalization rate is 9%, the indicated value using the income approach is:
- The sales comparison approach to appraisal is MOST applicable for:
- Highest and best use in appraisal is defined as the use that is:
- A Mississippi appraiser is valuing a new custom home in a flood zone near the Gulf Coast. The cost approach would include all of the following EXCEPT:
- External obsolescence (economic obsolescence) in appraisal refers to loss in value caused by:
- A Mississippi appraiser adjusts for a comparable sale that occurred 12 months ago. The purpose of the time adjustment is to:
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