Property Valuation
A South Carolina appraiser finds three comparable sales with adjusted prices of $248,000, $252,000, and $246,000. The final reconciled value estimate would most likely be:
AThe arithmetic average: $248,667
BClosest to the comparable with the fewest adjustments and most similarity✓ Correct
CThe highest adjusted value
DThe lowest adjusted value
Explanation
In reconciliation, the appraiser gives most weight to the comparable with the fewest and smallest adjustments (most similar to the subject), not simply the average. This requires professional judgment.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
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