Property Valuation
In Tennessee, an appraiser estimates a property's value is $285,000 via the sales comparison approach and $292,000 via the cost approach. The final reconciled value will be:
A$285,000 — always the lowest value
B$292,000 — always the highest value
C$288,500 — always the average
DA value determined by weighing the reliability of each approach for this property type✓ Correct
Explanation
Reconciliation requires the appraiser to weigh each approach based on its reliability and applicability to the specific property type, not simply average or choose the highest or lowest value.
Related Tennessee Property Valuation Questions
- In the income approach, effective gross income (EGI) is calculated as:
- In Tennessee, when an appraiser says 'as improved' value, they mean the value of:
- In Tennessee, an appraiser who determines that a property's highest and best use is different from its current use will likely:
- In Tennessee, which of the following is a 'super-adequate' feature in a property?
- In Tennessee, the 'cost-to-cure' method of calculating depreciation assumes that:
- When comparing two comparable sales in a Tennessee appraisal, which adjustment would increase the indicated value of the subject property?
- A Tennessee appraiser determines that a comparable sale requires a net adjustment of +$8,000 and the adjusted sale price is $265,000. What was the original sale price?
- In Tennessee, a property appraiser conducting an 'exterior-only' appraisal (drive-by appraisal) is performing a:
Practice More Tennessee Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Tennessee Quiz →