Property Valuation
An appraiser valuing a Texas property uses three approaches and reconciles to a final value. The cost approach gives $310,000, the sales comparison approach gives $295,000, and the income approach gives $285,000 (it's a home that is sometimes rented). The appraiser should give the MOST weight to:
AThe cost approach because it is most objective
BThe income approach because it reflects the rental market
CThe sales comparison approach because the property is residential and primarily owner-occupied✓ Correct
DAn equal average of all three
Explanation
For single-family residential properties primarily used as owner-occupied homes, the sales comparison approach is given the most weight in reconciliation because it best reflects what buyers actually pay in the market.
Related Texas Property Valuation Questions
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