Property Valuation
The most reliable indicator of market value for a Texas residential property is:
AThe county appraisal district's assessed value
BThe original purchase price adjusted for inflation
CRecent arm's length sales of similar properties in the same area✓ Correct
DThe replacement cost of the home
Explanation
Market value is best supported by recent arm's length sales of comparable properties (the sales comparison approach). The appraisal district value, original price, and cost approach may not reflect current market conditions.
Related Texas Property Valuation Questions
- The 'Band of Investment' method in Texas appraisal is used to:
- In Texas, the Texas Property Tax Code requires appraisal districts to appraise property at:
- A property recently sold for $350,000. The buyer paid $5,000 above appraised value due to a competitive bidding situation. For comparable sales purposes, the appraiser would most likely:
- In the Texas Austin/San Antonio market, rapid appreciation creates challenges for appraisers primarily because:
- In Texas, the 'income multiplier' approach (such as the GRM) differs from the capitalization approach in that:
- In Texas, properties sold under duress (foreclosure, estate sale, divorce) are generally:
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- A Texas residential appraiser notes that the subject property is the largest home on the block. The principle of REGRESSION suggests this property:
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