Property Valuation
What is 'progression' and 'regression' in Rhode Island real estate value?
AThe way property values change over time
BProgression: a lower-value property benefits from proximity to higher-value properties; Regression: a higher-value property is pulled down by lower-value surrounding properties✓ Correct
CThe mathematical progression of cap rates
DThe regression analysis used in statistical appraisal
Explanation
The principle of progression holds that a lower-value property gains value when surrounded by higher-value properties. The principle of regression holds that a higher-value property loses value when surrounded by lower-value properties.
Related Rhode Island Property Valuation Questions
- Functional obsolescence in a Rhode Island property would be best illustrated by:
- When comparing sales in Rhode Island's Newport market, an appraiser finds a waterfront home sold for significantly more than non-waterfront homes. This premium is captured through:
- In the sales comparison approach, an appraiser makes a positive adjustment to a comparable when:
- The income approach to value is most appropriate for valuing:
- A Rhode Island assessor revalues all properties in the city every five years. This process is called:
- Effective age refers to:
- 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:
- Reproduction cost in the cost approach refers to:
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