Property Valuation
When appraising a luxury home in the Nichols Hills area of Oklahoma City, the appraiser would use comparable sales from:
AAny Oklahoma City neighborhood regardless of price range
BSimilar luxury homes in Nichols Hills or comparable upscale neighborhoods with similar amenities, price ranges, and buyer profiles✓ Correct
CNational luxury home databases only
DThe county's assessed value history
Explanation
Appraisers must use truly comparable sales — similar properties in similar markets. Luxury homes in Nichols Hills have a distinct market with specific buyer profiles and amenities.
Related Oklahoma Property Valuation Questions
- An Oklahoma appraisal that comes in below the contract price can result in:
- The principle of substitution states that:
- An Oklahoma appraiser reconciles the three approaches to value by:
- Which appraisal approach is most commonly used to value single-family residential properties?
- A Comparative Market Analysis (CMA) performed by an Oklahoma real estate agent differs from a formal appraisal in that:
- A 'drive-by' appraisal or exterior-only appraisal in Oklahoma is:
- Regression and progression are appraisal principles that state:
- The principle of conformity in real estate value states that:
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →