Property Valuation
The 'sales comparison approach' to value is most reliable when:
AThere are no comparable sales in the area
BThere are sufficient recent sales of similar properties to analyze✓ Correct
CThe property is a unique commercial building
DThe property generates rental income
Explanation
The sales comparison approach is most reliable when there are sufficient recent, comparable sales of similar properties in the same market area, allowing the appraiser to derive meaningful adjustments and value conclusions.
Related New York Property Valuation Questions
- The principle of 'conformity' states that:
- A New York appraiser adjusting a comparable sale for a feature the comparable has but the subject property lacks would make a:
- Functional obsolescence refers to:
- In New York, a 'bracketing' strategy in the sales comparison approach means the appraiser selects comparables that:
- In New York, an 'as-is' value in a property appraisal represents:
- In New York, the 'principle of conformity' suggests that property values are maximized when:
- In New York, a property owner who disagrees with the assessed value may file a:
- In New York, the 'highest and best use' of a property is the use that is:
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