Property Valuation
An appraiser in New York is appraising a single-family home in a suburban Long Island neighborhood. Which appraisal approach would most likely be given the most weight?
AIncome approach
BCost approach
CSales comparison approach✓ Correct
DGross rent multiplier approach
Explanation
For single-family residential properties, the sales comparison approach (comparing recent sales of similar properties) is generally given the most weight by appraisers. The income approach is most relevant for income-producing properties, and the cost approach is most useful for newer or special-use properties.
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