Property Valuation
A comparable property sold 8 months ago. The market has appreciated 1% per month since that sale. The comparable's adjusted price for market conditions (time adjustment) should be:
ADecreased by 8%
BUnchanged — time adjustments are only made annually
CIncreased by 8%✓ Correct
DIncreased by 12%
Explanation
If the market has appreciated 1% per month over 8 months, the comparable's price must be adjusted upward by 8% to reflect current market conditions. Time adjustments bring past sale prices to present value.
Related Rhode Island Property Valuation Questions
- The principle of substitution in appraisal states that:
- What is a 'desk review' appraisal in Rhode Island?
- The 'market value' of real property is defined as:
- Which appraisal approach is most commonly used for valuing single-family homes in Providence and Newport, Rhode Island?
- What is 'progression' and 'regression' in Rhode Island real estate value?
- In the sales comparison approach, a Rhode Island appraiser makes a positive adjustment to a comparable sale when:
- What is 'scarcity' as a principle of value in Rhode Island real estate?
- Economic life in appraisal refers to:
Practice More Rhode Island Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Rhode Island Quiz →