Property Valuation
An appraiser in Minot, North Dakota is asked to value a gas station. Which appraisal approach is MOST relevant?
ASales comparison approach only
BA combination of the income approach and sales comparison of similar gas station sales✓ Correct
CCost approach only
DGRM approach only
Explanation
For income-producing special-use properties like gas stations, appraisers typically use a combination of the income approach (based on business operations) and the sales comparison approach using comparable gas station sales.
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