Property Valuation
In South Dakota, which of the following is a typical characteristic of a 'buyer's market'?
ALow inventory and rising prices
BHigh inventory, longer days on market, and prices favorable to buyers✓ Correct
CEqual numbers of buyers and sellers in the market
DFast-paced market with multiple offers on each property
Explanation
A buyer's market occurs when supply (available properties) exceeds demand (qualified buyers). Characteristics include high inventory, longer days on market, price reductions, and sellers needing to make concessions to attract buyers.
Related South Dakota Property Valuation Questions
- In South Dakota, a 'drive-by appraisal' differs from a full appraisal primarily because:
- In South Dakota, the highest and best use of a property is defined as the use that is:
- A South Dakota appraisal is performed for a federally related transaction. The appraiser must comply with:
- Highest and best use in South Dakota is defined as the use that is:
- An appraisal report for a South Dakota property prepared for a federally related transaction must be performed by:
- In South Dakota, when using the income approach for a commercial property, the appraiser derives a cap rate by:
- In South Dakota, when an appraiser uses the 'gross rent multiplier' (GRM) method for a single-family rental, they divide:
- In South Dakota, which of the following is the most reliable comparable sale for a residential appraisal?
Practice More South Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Dakota Quiz →