Property Valuation
Which appraisal approach is typically given the most weight when appraising a single-family home in Greensboro, NC?
AIncome approach
BCost approach
CSales comparison approach✓ Correct
DGross rent multiplier
Explanation
For single-family residential properties, the sales comparison approach is typically given the most weight because there are usually sufficient comparable sales data available.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Gross Rent Multiplier (GRM)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.
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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