Property Valuation
A NJ appraiser who selects comparable sales must ensure the selected properties are similar in all of the following EXCEPT:
ALocation
BSize and age
CThe name of the prior owner✓ Correct
DMarket conditions
Explanation
Comparable selection criteria include location, size, age, condition, amenities, and market conditions. The identity of the prior owner has no relevance to the property's market value or comparability.
Related New Jersey Property Valuation Questions
- The NJ property tax assessment process involves determining the ratio of assessed value to market value, known as the:
- An appraiser in NJ must sign and certify that the appraisal was prepared in conformance with:
- In NJ, a 'restricted appraisal report' under USPAP contains:
- In NJ, the 'income multiplier' approach (GRM or GIM) to valuing small income properties is considered a:
- In NJ, a 'floor area ratio' (FAR) is a zoning measure that regulates:
- Which principle of value states that the value of a property is enhanced by its conformity with surrounding properties?
- Which NJ county is recognized as having some of the highest property values in the country due to its proximity to New York City and prestigious school districts?
- An appraiser in New Jersey who is hired by a lender for a mortgage appraisal owes their primary duty to:
Practice More New Jersey Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Jersey Quiz →