Property Valuation
In NC, an 'as-improved' appraisal values the property:
AAfter demolishing existing improvements
BWith the proposed or existing improvements in place✓ Correct
CUnder the assumption of all improvements being removed
DBased on historical renovation costs only
Explanation
An 'as-improved' appraisal values the property with its existing or proposed improvements completed, as opposed to 'as-is' (current state) or 'as-vacant' (land only) valuations.
Related North Carolina Property Valuation Questions
- In NC, 'economic life' of an improvement is:
- Which type of depreciation in real estate CANNOT be cured by the owner?
- In NC appraisal practice, 'paired sales analysis' is used to:
- A NC appraiser performing a 'retrospective appraisal' is estimating the value of a property:
- The economic life of an improvement is the period during which:
- An appraiser estimates a home's replacement cost new at $350,000, total depreciation of 25%, and land value of $80,000. What is the cost approach value?
- The 'reconciliation' step in an NC appraisal involves:
- The income approach to value uses which formula?
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