Property Valuation
The income approach to value is most appropriate for:
AOwner-occupied single-family homes
BVacant land in rural areas
CIncome-producing properties such as apartment buildings✓ Correct
DNew construction properties
Explanation
The income approach is most appropriate for income-producing properties (rental properties, commercial buildings). It estimates value based on the property's ability to generate income.
Related North Dakota Property Valuation Questions
- In North Dakota, which appraiser certification level is required to appraise a non-residential property with a transaction value over $500,000 for federally related transactions?
- A North Dakota appraiser values a property using the cost approach. The site value is $60,000, improvement reproduction cost is $250,000, and total depreciation is $75,000. The indicated value is:
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