Property Valuation
In South Dakota, a comparative market analysis (CMA) prepared by a real estate agent for pricing a listing considers:
AOnly active listings in the same MLS
BRecent sold properties, active listings, and expired listings in the area✓ Correct
COnly properties within the same city block
DOnly appraisals performed within the last 90 days
Explanation
A CMA analyzes recent sold properties (to determine what buyers have paid), active listings (competition), and expired listings (overpriced properties) to establish a likely selling price range.
Related South Dakota Property Valuation Questions
- A South Dakota appraisal report finds a comparable sale with seller concessions of $12,000. The sale price was $280,000. For comparison purposes, the adjusted sale price used in the appraisal is:
- In South Dakota, a 'before and after' appraisal is typically used in:
- In South Dakota, a 'drive-by appraisal' differs from a full appraisal primarily because:
- A South Dakota property's market value is estimated at $250,000 using the sales comparison approach and $280,000 using the cost approach. The appraiser reconciles the value at $255,000. This process is called:
- A South Dakota appraiser notes that comparable sales occurred 8 months ago. The appraiser should:
- An appraiser using the income approach determines a South Dakota property's value at $400,000 with a cap rate of 7.5%. What is the NOI?
- Assessed value for property tax purposes in South Dakota is typically:
- A South Dakota property's 'gross potential income' assumes:
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