Property Valuation
In Tennessee, which of the following factors would increase property value according to the principle of conformity?
AA large industrial building in a residential neighborhood
BA property that conforms to the architectural style and size of neighboring properties✓ Correct
CA residential property significantly larger than all surrounding properties
DA commercial property in an agricultural zone
Explanation
The principle of conformity holds that a property maintains or enhances its value when it is similar in style, condition, and use to surrounding properties. Non-conforming properties often suffer value loss.
Related Tennessee Property Valuation Questions
- In Tennessee, a property that has been appraised for $350,000 but is currently under a lease that is below market rent would likely be valued:
- Assessed value for property tax purposes in Tennessee is typically a percentage of:
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- When using the gross rent multiplier (GRM), if a property rents for $1,500/month and comparable properties sell at a GRM of 120, what is the estimated value?
- The 'before and after' method of appraisal is used in cases of:
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- In Tennessee, which type of depreciation is caused by changes in the surrounding neighborhood, such as industrial development near a residential area?
- In Tennessee, an appraisal's 'reconciliation' step involves:
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