Property Valuation
An appraiser in North Dakota determines the 'replacement cost new' of a building. This is the cost to build a:
AStructure identical to the existing structure using the same materials
BStructure with equivalent utility using current materials and construction methods✓ Correct
CStructure that exceeds the current building's size
DStructure based on the original contractor's bid
Explanation
Replacement cost new is the cost to build a structure with the same utility as the existing building using current materials, standards, and construction methods. Reproduction cost uses the same materials as the original.
Related North Dakota Property Valuation Questions
- Which of the following would MOST likely cause an upward adjustment when comparing a comp to the subject property?
- The income approach to value is most appropriate for:
- Which type of depreciation is ALWAYS incurable?
- An appraiser in Fargo, North Dakota notes that the city's population growth is driving demand for housing. This is an example of which value influence?
- A North Dakota property appraiser's opinion differs from the purchase price by 15%. The appraiser should:
- In North Dakota, the 'principle of balance' in appraisal states that:
- A North Dakota appraiser developing a 'restricted appraisal report' is providing:
- In North Dakota, the assessed value of property for taxation purposes is typically a percentage of:
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