Property Valuation
A South Carolina resort condo at Kiawah Island has high seasonal variability in income. The appraiser should:
AUse only summer rental income in the income approach
BAnnualize income using all available data and stabilize for seasonal variations✓ Correct
CApply only the cost approach
DApply only the sales comparison approach
Explanation
The appraiser must stabilize income by analyzing historical data across all seasons, estimating annual income on a normalized basis rather than using only peak or off-peak season data.
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