Property Valuation
The principle of conformity in Vermont real estate holds that:
AAll properties must be renovated to match neighbors
BMaximum value is achieved when a property conforms in use, design, and character to surrounding properties✓ Correct
CProperties must conform to Act 250 requirements to have value
DValues always conform to the assessed value
Explanation
The principle of conformity holds that properties achieve maximum value when they are reasonably similar in use, design, and character to surrounding properties — a home that fits its neighborhood typically maximizes value.
Related Vermont Property Valuation Questions
- Vermont's 'effective gross income' (EGI) is calculated as:
- The principle of conformity states that property values are maximized when:
- Physical depreciation in Vermont real estate refers to:
- A competitive market analysis (CMA) prepared by a Vermont real estate agent is:
- A Vermont property recently appraised for $400,000. The tax assessor values it at $360,000. The 'assessment ratio' is:
- Vermont's 'months of inventory' metric for housing markets means:
- Vermont's 'contributory value' of an improvement measures:
- A Vermont property with contamination from a prior use (stigmatized property) may suffer:
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