Property Valuation
Vermont's 'marketability' analysis in appraisal examines:
AWhether the property is legally permitted
BThe demand for the property type in the specific market and how quickly it would sell at the estimated value✓ Correct
CThe physical condition of the property
DThe property's compliance with environmental regulations
Explanation
Marketability analysis examines the specific market demand for the property type and location, considering how quickly it would sell at the appraised value. It is related to but distinct from market value determination.
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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.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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