Property Valuation
The cost approach to value is most reliable for:
AOlder residential homes with significant depreciation
BSpecial-use properties with few comparable sales✓ Correct
CIncome-producing apartment complexes
DVacant land only
Explanation
The cost approach is most reliable for special-use properties (such as schools, churches, or government buildings) where there are few comparable sales and the income approach is not applicable.
Related New York Property Valuation Questions
- Effective age in appraisal refers to:
- In New York, an assessor determines a property's 'assessed value' for tax purposes, which is often expressed as a percentage of:
- The 'sales comparison approach' to value is most reliable when:
- An appraisal is defined as:
- When an appraiser says a property has 'curable physical deterioration,' they mean:
- An 'effective age' of a building refers to:
- The principle of substitution in real estate valuation states that:
- Economic obsolescence (external obsolescence) is caused by:
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