Property Valuation
The principle of progression in real estate valuation means that:
AA lower-value property's value is pulled up by higher-value surrounding properties✓ Correct
BProperty values always increase over time
CA higher-value property's value is pulled down by lower-value surrounding properties
DNew construction always has higher value than existing properties
Explanation
The principle of progression holds that the value of a lesser property is enhanced by being located near higher-value properties. The opposite (a higher property pulled down) is regression.
Related New Mexico Property Valuation Questions
- Highest and best use is defined as the use that is:
- In New Mexico, when an appraiser selects 'comparable sales,' the most important factors are:
- An appraiser in Albuquerque applies a downward adjustment to a comparable sale because the comparable has a view of the Sandia Mountains but the subject property does not. This is because:
- An appraiser is estimating the value of a single-family home. Which approach to value would they most likely use as the primary method?
- The principle of substitution in New Mexico appraisal states that:
- In New Mexico, the term 'assemblage' in real estate refers to:
- In New Mexico, an appraiser who values a property 'as if complete' for a proposed renovation project is providing what type of appraisal?
- In New Mexico, a 'feasibility study' for a new residential development would analyze:
Practice More New Mexico Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Mexico Quiz →