Property Valuation
The cost approach to value is most reliable for appraising which type of Oklahoma property?
AOlder downtown Tulsa retail buildings with heavy renovation histories
BNewly constructed special-use properties like churches or schools where few comparable sales exist✓ Correct
CStandard single-family homes in established neighborhoods
DVacant land only
Explanation
The cost approach is most reliable for new construction and special-use properties (churches, schools, government buildings) where there are few comparable sales. For older properties, estimating depreciation accurately becomes more challenging.
Related Oklahoma Property Valuation Questions
- A recently sold comparable property is 200 square feet larger than the subject property. If the market indicates a value of $75 per square foot, what adjustment should the appraiser make to the comparable?
- Principles of value state that value is created by the interaction of supply and demand. Which principle holds that value is influenced by what a prudent buyer would pay for a similar property?
- A Comparative Market Analysis (CMA) performed by an Oklahoma real estate agent differs from a formal appraisal in that:
- When appraising an Oklahoma City neighborhood in a rapidly appreciating market, an appraiser must ensure comparables are:
- Functional obsolescence in real estate refers to a loss in value due to:
- An Oklahoma appraiser is valuing a property that was recently sold in an auction under distress conditions at a price well below comparable sales. The appraiser should:
- Plottage (assemblage) value refers to:
- Assessed value for Oklahoma ad valorem tax purposes is determined annually by the:
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