Property Valuation
An Oregon appraiser is asked to estimate the value of a vacant lot in Portland's Pearl District. Which approach to value is most appropriate?
ACost approach
BIncome approach
CSales comparison approach✓ Correct
DGross rent multiplier approach
Explanation
For vacant land, the sales comparison approach (comparing recent sales of similar vacant lots) is the most appropriate appraisal method. The cost approach requires improvements (buildings) to be cost-estimated.
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