Property Valuation
In NH's competitive post-2020 real estate market, rapidly rising prices meant appraisers had to:
AOnly use sales from the prior year
BUse the most recent comparable sales and make upward time/market conditions adjustments to older comparables✓ Correct
CRefuse to adjust for time in rising markets
DUse assessed values as a primary value indicator
Explanation
In a rapidly appreciating market, appraisers must use the most recent sales and may apply positive time/market conditions adjustments to older comparable sales to reflect current market values accurately.
Related New Hampshire Property Valuation Questions
- A NH appraiser determines a value of $410,000 using the sales comparison approach and $390,000 using the cost approach. For a 20-year-old residential property, the appraiser would likely:
- What does 'effective age' mean in a real estate appraisal?
- In an appraisal, reconciliation is the process of:
- An appraiser's determination of value is an estimate as of:
- When comparing NH residential properties for the sales comparison approach, an appraiser should use comparables that:
- The gross rent multiplier (GRM) method of estimating value is most commonly used for:
- 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:
- A NH appraiser who adjusts a comparable's sale price downward because the comparable has a finished basement the subject lacks is making:
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