Property Valuation
Oregon's property tax system uses 'real market value' (RMV). RMV is defined as:
AThe price paid at the most recent sale of the property
BThe amount of cash that a well-informed buyer would pay to a well-informed seller in an arm's-length transaction✓ Correct
CThe county assessor's estimate of replacement cost less depreciation
DThe average of three independent appraisals
Explanation
Oregon's real market value (RMV) for property tax purposes (ORS 308.205) is the amount a well-informed buyer would pay to a well-informed seller in an arm's-length open market transaction.
Related Oregon Property Valuation Questions
- When an appraiser adjusts a comparable sale 'downward,' it means:
- Regression and progression are appraisal principles that mean:
- A property's NOI is $45,000 and the cap rate is 7.5%. Using the income approach, what is the indicated value?
- An Oregon appraiser completing a residential appraisal must meet which professional standard?
- The income capitalization approach to value is most useful for appraising:
- Functional obsolescence in real estate appraisal refers to a loss in value due to:
- An Oregon appraiser is using the sales comparison approach and needs to adjust for a comparable that has a garage while the subject property does not. What type of adjustment should the appraiser make to the comparable?
- Which principle of value explains why a house that sells for much more than all other homes in the neighborhood will likely sell for less than its construction cost?
Practice More Oregon Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oregon Quiz →