When appraising a single-family home in the Research Triangle Park area of NC, an appraiser gives MOST weight to which approach?
Why Sales comparison approach Is Correct
Answer C: Sales comparison approach
Exam Tip: Property Valuation
Valuation questions focus on the three approaches to value: sales comparison, cost, and income. Know which approach is best for which property type. The income approach uses cap rate and NOI — memorize these formulas.
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- An adjustment in the sales comparison approach for a feature the subject property HAS but the comparable does NOT have requires the appraiser to:Property Valuation
- Which appraisal approach is typically given the most weight when appraising a single-family home in Greensboro, NC?Property Valuation
- When adjusting comparables in the sales comparison approach, the appraiser adjusts the comparable, not the subject. If a comp has a superior feature, the adjustment is:Property Valuation
- An appraiser who adjusts a comparable's price upward by $5,000 for having one fewer bathroom than the subject property is applying which step of the sales comparison approach?Property Valuation
- The Research Triangle Park (RTP) area in NC, located between Raleigh, Durham, and Chapel Hill, is primarily zoned for:Land Use & Zoning
- A property in the Research Triangle Park area is listed at $875,000. The seller pays a 5% commission and NC excise tax. The excise tax is:Real Estate Math
- A NC property near the Research Triangle Park area may be affected by which type of environmental hazard related to high-tech industry?Environmental
- An appraiser uses a comp that sold for $320,000. The comp has a pool (value +$8,000) but lacks a garage (value -$12,000) compared to the subject. The adjusted comp value is:Real Estate Math
Key Terms to Know
A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Math Concepts
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