Property Valuation
Progression in real estate value means:
AA property's value increases with age due to scarcity
BA lower-value property benefits from being surrounded by higher-value properties✓ Correct
CValue increases are guaranteed over time
DCommercial properties always outperform residential
Explanation
The principle of progression holds that a lower-value property is positively influenced (value is pulled up) when it is surrounded by higher-value properties.
Related North Carolina Property Valuation Questions
- In NC, an appraiser who is pressured by a lender to 'hit' a predetermined value should:
- In NC, a 'mass appraisal' is performed by county assessors for:
- The 'gross rent multiplier' (GRM) method is considered a quick, simplified income approach. It does NOT account for:
- A NC appraiser who is hired by a buyer's lender has their primary client relationship with:
- The 'market area' for appraising a single-family home in the NC mountains near Asheville would typically be defined as:
- An NC appraiser's opinion of value must be 'credible' according to USPAP. Credible means the value conclusion is:
- In the income approach, 'potential gross income' (PGI) assumes:
- The 'reconciliation' process in an NC appraisal report involves:
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