Property Valuation
A Virginia neighborhood is transitioning from primarily single-family to mixed-use. The appraisal principle that best describes this is:
ARegression
BProgression
CChange✓ Correct
DSubstitution
Explanation
The appraisal principle of change holds that all properties and neighborhoods go through cycles of change — growth, stability, decline, and revitalization. Recognizing where a neighborhood is in its cycle is important for accurate appraisal.
Related Virginia Property Valuation Questions
- When a Virginia appraiser reconciles the three approaches to value, they are doing which of the following?
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