Property Valuation
When a Tennessee appraiser adjusts a comparable sale for condition, they are accounting for differences in:
AThe date of sale
BPhysical condition (wear, maintenance, updates) between the comparable and the subject property✓ Correct
CLocation or neighborhood desirability
DLot size differences
Explanation
Condition adjustments account for differences in the physical state and upkeep of the properties — a property in excellent condition is worth more than an otherwise identical property in average condition. Upgrades, renovations, and deferred maintenance affect condition ratings.
Related Tennessee Property Valuation Questions
- In Tennessee, an appraiser who uses three comparable sales to value a property notes that the comps sold for $285,000, $291,000, and $288,000 after adjustments. What is the indicated value range?
- The gross rent multiplier (GRM) approach is best suited for:
- When the Nashville real estate market has a 2-month supply of homes, this indicates a:
- Reproduction cost in the cost approach means:
- A neighborhood in Nashville is transitioning from residential to mixed-use commercial. An appraiser valuing a residential property in this area should:
- Contributory value is the concept that:
- The cost approach formula is: Value = Land Value + (Cost New − Depreciation). If land value is $80,000, cost new is $250,000, and total depreciation is $40,000, what is the estimated value?
- Economic obsolescence (external obsolescence) is a loss in value caused by:
Practice More Tennessee Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Tennessee Quiz →