Property Valuation
When appraising a property for insurance purposes in Oklahoma, the relevant value standard is typically:
AMarket value
BReplacement cost (insurable value)✓ Correct
CAssessed value for tax purposes
DLoan value determined by the lender
Explanation
Insurance appraisals use replacement cost (insurable value) — the cost to rebuild the structure with materials of like kind and quality at current prices — not market value (which includes land value and market conditions).
Related Oklahoma Property Valuation Questions
- USPAP (Uniform Standards of Professional Appraisal Practice) requires Oklahoma appraisers to:
- In Oklahoma oil country, mineral rights can significantly affect property value. A property with an active oil and gas lease producing royalty income would be valued:
- In Oklahoma, a county assessor values property for ad valorem tax purposes. Residential property is typically assessed at:
- When comparing comparable sales for a single-family home in Oklahoma, an appraiser makes adjustments for differences. Which statement about adjustments is correct?
- When an Oklahoma appraiser adjusts for gross living area (GLA) in the sales comparison approach, the adjustment is based on:
- The income approach to value is most appropriate for which Oklahoma property?
- When an Oklahoma appraiser values a mixed-use property (retail on ground floor, residential above), they typically:
- The capitalization rate for an Oklahoma office building is determined primarily by:
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