Property Valuation
In NH, the concept of 'situs' in real estate refers to:
AThe construction site permit
BThe preferred location or setting of a property, contributing to its value beyond mere geography✓ Correct
CThe septic site evaluation
DThe site plan review approval
Explanation
Situs refers to the perceived 'rightness of location' — the social, economic, and environmental attributes of a specific location that make it more or less desirable. It encompasses factors beyond mere physical location.
Related New Hampshire Property Valuation Questions
- A NH appraiser's 'as-is' value vs. 'as-repaired' value distinction is most relevant when:
- A property's estimated value using the cost approach would be calculated as:
- A NH appraiser who identifies significant deferred maintenance (broken windows, water-damaged flooring, failing roof) must:
- A NH appraiser finds that a subject property has a cracked foundation that would cost $30,000 to repair. In the cost approach, this would be treated as:
- The appraisal approach most commonly used for valuing single-family homes in New Hampshire's Manchester and Nashua markets is:
- The principle of anticipation in real estate valuation holds that value is:
- When appraising a lakefront cottage in the NH Lakes Region, an appraiser places significant weight on the comparable sales approach. This is most appropriate because:
- The principle of substitution states that a buyer will not pay more for a property than:
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