Property Valuation
When appraising a Nebraska property in a rapidly appreciating market, the appraiser should:
AAlways use the last available sale as the primary comparable regardless of date
BUse the most recent comparable sales and adjust for time/market conditions to reflect current market value✓ Correct
COnly use comparable sales from within the same calendar year
DRely solely on cost approach due to market volatility
Explanation
In rapidly appreciating markets, appraisers must use recent comparables and make time adjustments (market condition adjustments) to ensure the appraisal reflects current market value rather than outdated data.
Related Nebraska Property Valuation Questions
- Accrued depreciation in the cost approach refers to:
- Paired sales analysis in appraising is used to:
- The principle of substitution in real estate valuation states that:
- An over-improvement in real estate refers to:
- When an appraiser makes adjustments in the sales comparison approach, adjustments are made to:
- The cost approach to value is most reliable when:
- The market value of a property is best defined as:
- An appraiser comparing a subject property to a comparable that sold 18 months ago would need to make a time (market conditions) adjustment because:
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