Property Valuation
A Pennsylvania condominium unit is being appraised. The appraiser should consider which unique valuation factor?
AOnly the unit's square footage compared to single-family home sales
BHOA fees, association financial health, unit location within the building, and comparable condo sales✓ Correct
CThe developer's original offering price
DOnly the land value portion attributable to the unit
Explanation
Condo appraisals require analysis of HOA fees (high fees reduce affordability and value), the association's financial health (reserves, pending assessments), the unit's floor, view, and location within the building, and recent sales of comparable condo units. Single-family sales are generally not appropriate comps for condo appraisals.
Related Pennsylvania Property Valuation Questions
- A 'before and after' appraisal technique in Pennsylvania condemnation cases is used to:
- The gross rent multiplier (GRM) is calculated as:
- Effective age of a building differs from actual age because:
- When appraising a Pennsylvania contaminated property under Act 2 cleanup, an appraiser may use a 'stigma' adjustment to account for:
- When making an adjustment in the sales comparison approach, if the comparable sale has a feature the subject lacks, the appraiser:
- The principle of contribution in appraisal states that:
- A property is assessed at $180,000 and the local millage rate is 25 mills. What is the annual property tax?
- A Pennsylvania appraiser's assignment conditions for a retrospective appraisal (historical date of value) would use market data from:
Practice More Pennsylvania Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Pennsylvania Quiz →