Property Valuation
A comparable sale used in a Utah appraisal should ideally be:
AFrom any part of the country with similar lot sizes
BA recent arm's-length transaction of a similar property in the same or similar market area✓ Correct
CA distressed or foreclosure sale for a conservative estimate
DA listing price of a competing property currently on the market
Explanation
The best comparables are recent, arm's-length sales (not distressed sales or related-party transactions) of properties similar to the subject, located in the same or a comparable market area.
Related Utah Property Valuation Questions
- In a Utah seller's market, where demand exceeds supply, property values typically:
- In Utah, property is assessed at what percentage of its fair market value for property tax purposes?
- In the income approach to value, Net Operating Income (NOI) is calculated as:
- External obsolescence (also called economic obsolescence) is unique because it is:
- An appraisal adjustment for a superior comparable sale would result in:
- A paired-sales analysis is used in the sales comparison approach to:
- Utah does NOT impose a state-level real estate transfer tax. This means:
- A condition of sale adjustment in a Utah appraisal accounts for:
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