Property Valuation
An appraiser is valuing a Newport vacation cottage. They find limited sales of similar vacation properties but abundant data on year-round homes. What is the best approach?
AUse the year-round home comps without adjustment
BSelect the most similar vacation property comps available and make appropriate adjustments, or use multiple approaches✓ Correct
CDefault to assessed value
DDecline the assignment due to insufficient data
Explanation
When comparable sales are limited, the appraiser should use the best available data (most similar comps), make appropriate adjustments for differences, and may consider multiple valuation approaches to support the value conclusion.
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