Property Valuation
Vermont's 'market conditions adjustment' in a sales comparison appraisal is applied when:
AThe appraiser disagrees with the sale price
BMarket conditions have changed between the date of a comparable sale and the effective date of the appraisal✓ Correct
CThe property is in a different zoning district than the comparable
DThe comparable is located in another town
Explanation
A market conditions (time) adjustment is applied when market values have risen or fallen between the date of a comparable sale and the appraisal's effective date, ensuring comparables reflect current market conditions.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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