Property Valuation
In South Dakota, a 'seller's market' for real estate is typically characterized by:
ALow demand and high inventory
BDeclining prices and extended market times
CHigh demand relative to inventory, leading to multiple offers and rising prices✓ Correct
DStable prices with balanced supply and demand
Explanation
A seller's market exists when buyer demand exceeds available inventory. This typically results in multiple offers, above-asking-price sales, short days on market, and rising prices as buyers compete for limited properties.
Related South Dakota Property Valuation Questions
- The principle of balance in South Dakota real estate appraisal states that:
- The South Dakota sales comparison approach to value is MOST reliable when:
- An appraiser in South Dakota adjusts comparable sale prices for differences between comparables and the subject property. A comparable that is inferior to the subject in location would receive a:
- Capitalization rate (cap rate) is calculated as:
- A South Dakota home appraiser is estimating the value of a new construction home. Which approach would typically be most applicable?
- South Dakota property taxes are based on 'assessed value.' When the county assessor increases assessed values, property owners who disagree may:
- In South Dakota, which factor does NOT affect a property's market value?
- In South Dakota, the 'sales comparison approach' requires comparable sales to be:
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