Property Valuation
A final value opinion in a real estate appraisal is derived by:
AAveraging the results of all three approaches
BGiving weighted consideration to the most applicable approach(es) based on property type and data availability✓ Correct
CAlways using the highest value indicated
DUsing only the sales comparison approach for all properties
Explanation
Appraisers reconcile the approaches by giving greatest weight to the most reliable and applicable approach based on the property type and the quantity and quality of available data.
Related North Carolina Property Valuation Questions
- A NC appraiser who determines that a property's highest and best use is for residential development rather than the current agricultural use would reflect this in:
- When a NC property produces income, its 'net income multiplier' (NIM) is calculated as:
- The principle of 'conformity' in NC real estate value states that:
- In NC, a Broker Price Opinion (BPO) is most commonly used for:
- In NC appraisal practice, a 'retrospective appraisal' is commonly needed for:
- A NC appraiser who is hired by a buyer's lender has their primary client relationship with:
- Plottage value in real estate refers to:
- Assemblage in real estate refers to:
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