Property Valuation
An appraiser for a NJ residential property must reconcile the results of the three approaches. For a modest single-family home in a suburban NJ neighborhood, which approach typically receives the MOST weight?
ACost approach
BSales comparison approach✓ Correct
CIncome approach
DAll three equally
Explanation
For single-family residential properties in active NJ markets, the sales comparison approach receives the most weight because market participants base their decisions primarily on comparable sales. The cost approach is supplementary; the income approach is least relevant.
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