Property Valuation
An appraiser notes that a Rhode Island property has 'superadequacy.' This refers to:
AA property that exceeds all zoning requirements
BAn improvement that is more than adequate for the site or market, resulting in reduced value relative to the cost of the excess improvement✓ Correct
CA property with unusually high income potential
DA property that exceeds the appraiser's value estimate
Explanation
Superadequacy is a form of functional obsolescence where an improvement exceeds what the market typically requires or demands. For example, a very expensive imported marble floor in an otherwise modest home is superadequate—the market won't pay for the excess cost.
Related Rhode Island Property Valuation Questions
- A Rhode Island appraiser uses the 'income approach' to value a property. This approach is most appropriate for:
- A Rhode Island appraiser makes a 'negative' adjustment to a comparable sale. This means:
- The 'plottage' value increase occurs when:
- An appraiser in Warwick, RI, notes that a comparable sale occurred 6 months ago in a market that has appreciated 2% over those 6 months. What type of adjustment is needed?
- In Rhode Island, an appraiser values a single-family home using the cost approach. After estimating the land value at $80,000 and the depreciated cost of improvements at $220,000, what is the indicated value?
- A Rhode Island property generates $60,000 in annual net operating income. If the cap rate for comparable properties is 6%, what is the indicated value?
- Depreciation in appraisal is defined as:
- When a Rhode Island appraiser reconciles the three approaches to value, the appraiser:
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