Property Valuation
Which appraisal approach is most commonly used to value single-family residential properties in Mississippi's Jackson metro market?
ACost approach
BIncome approach
CSales comparison approach✓ Correct
DGross rent multiplier approach
Explanation
The sales comparison (market data) approach is the primary method for appraising single-family homes. It compares the subject property to recently sold comparable properties in the same market area.
Related Mississippi Property Valuation Questions
- The principle of substitution in appraisal means:
- A Mississippi appraisal for a 'going concern' value includes:
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- The principle of substitution states that a buyer will pay no more for a property than the cost of acquiring an equally desirable substitute. This principle underpins the:
- A Mississippi appraiser identifies a comparable sale that was a 'distressed sale' (foreclosure or short sale). This comparable requires:
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- An appraiser notes that a property's garage was built without permits and is non-conforming. This would most likely represent:
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