Property Valuation
In Missouri, a 'going concern value' appraisal for a hotel includes:
AOnly the real estate
BThe real estate plus the business value (furniture, equipment, and intangibles like reservations and name)✓ Correct
COnly the furnishings
DOnly the land
Explanation
Going concern value encompasses the entire operating entity—real property, personal property, and business value (goodwill, management, brand). Appraisers must sometimes separate these components.
Related Missouri Property Valuation Questions
- A Missouri appraiser values a property using the income approach. The property has gross rental income of $48,000/year, vacancy and collection losses of 5%, and operating expenses of $18,000. What is the NOI?
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- Which of the following is NOT a step in the sales comparison approach used by Missouri appraisers?
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