Property Valuation
In South Dakota, which of the following is the most reliable comparable sale for a residential appraisal?
AA sale from 3 years ago in the same subdivision
BA sale from last month in the same neighborhood of a similar home✓ Correct
CA current listing of a similar property (not yet sold)
DA foreclosure sale of a slightly larger home
Explanation
Recent, arm's-length sales of similar properties in the same market area are most reliable. A recent sale of a similar nearby home provides the most comparable market evidence.
Related South Dakota Property Valuation Questions
- Reproduction cost vs. replacement cost in South Dakota appraisal: which is defined as building an exact replica using original materials and techniques?
- The 'appraisal process' in South Dakota follows a standard sequence. Which step comes FIRST?
- The principle of balance in South Dakota real estate appraisal states that:
- Highest and best use in South Dakota is defined as the use that is:
- The principle of substitution in South Dakota real estate states that:
- In South Dakota, the income approach to value divides net operating income by the capitalization rate to estimate:
- The 'income multiplier approach' in South Dakota is a simplified valuation tool. An annual gross income multiplier (AGIM) divides the sale price by:
- In South Dakota, which factor would most likely cause a DECREASE in cap rates (resulting in higher property values at the same NOI)?
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 →