Property Valuation
In Northern Virginia, a property's 'time adjustment' in the sales comparison approach accounts for:
AThe age of the improvements
BChanges in market conditions between the comparable's sale date and the appraisal effective date✓ Correct
CThe time of year the property was listed
DThe length of time the property was on the market
Explanation
A time adjustment (market conditions adjustment) accounts for appreciation or depreciation between the date a comparable sold and the appraisal's effective date. In appreciating Northern Virginia markets, this can be significant.
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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.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
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.
Math Concepts
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