Property Valuation
When appraising residential property in Oklahoma City's Plaza District or Midtown neighborhoods, an appraiser should consider:
AOnly the square footage of the home
BUrban revitalization trends, walkability, proximity to amenities, and recent renovation activity as positive value factors✓ Correct
COnly the year the home was built
DOnly the distance to the Oklahoma City airport
Explanation
Urban neighborhoods like Oklahoma City's Plaza District and Midtown have undergone significant revitalization. Appraisers must consider market trends, neighborhood amenities, proximity to employment, walkability, and renovation quality when valuing properties in these areas.
Related Oklahoma Property Valuation Questions
- An appraiser determines a subject property's value using the gross rent multiplier (GRM). The property rents for $1,800/month and comparable properties sell for 120 times monthly rent. The estimated value is:
- Accrued depreciation in the cost approach to appraisal is the sum of:
- The principle of conformity in real estate value states that:
- Reproduction cost in the cost approach is:
- Paired sales analysis in Oklahoma appraisal is used to:
- The income capitalization approach to value is most appropriate for valuing:
- A capitalization rate of 7% applied to an NOI of $42,000 produces an estimated value of:
- When an Oklahoma appraiser assigns 'condition ratings' to a property under UAD (Uniform Appraisal Dataset) requirements, a C3 rating means the property:
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