Property Valuation
In Virginia, a 'before and after' appraisal is commonly used when:
AComparing pre- and post-renovation values
BValuing property in eminent domain proceedings to determine the impact of a partial taking✓ Correct
CEstimating depreciation over a holding period
DComparing current value to the original purchase price
Explanation
In Virginia eminent domain cases involving partial takings, appraisers use the 'before and after' method: valuing the whole property before the taking and the remainder after, with compensation equal to the difference.
Related Virginia Property Valuation Questions
- A Virginia property that is adjacent to a transit station may receive a premium because of enhanced accessibility and walkability. Appraisers call this:
- External obsolescence (also called economic obsolescence) is:
- An appraiser in Virginia is required to report any pressure from a client to change a value conclusion. Under USPAP, this is called:
- An appraiser is using the cost approach to value a Virginia home. The land is valued at $50,000, the reproduction cost of the structure is $200,000, and depreciation is estimated at $30,000. What is the indicated value?
- Under the cost approach in Virginia, if a comparable newly built home costs $350,000 to build (not including land) and the subject property has 15% depreciation, the depreciated cost of improvements is:
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- An appraiser in Virginia is determining the value of an income-producing property using the income approach. The property has a potential gross income of $100,000, vacancy and collection loss of 5%, and operating expenses of $30,000. What is the NOI?
- In a Hampton Roads residential market, a property has 3 bedrooms, 2 baths, and a garage. If paired sales show the market values a garage at $12,000, and the comparable has no garage, the appraiser should make what adjustment to the comparable?
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