Property Valuation
In Virginia, real property market values in Northern Virginia have historically appreciated at higher rates than the state average. An appraiser would account for this with a:
AStatic value assumption
BTime adjustment (market conditions adjustment) in the sales comparison approach✓ Correct
CCost approach only
DIncome approach assuming no growth
Explanation
In appreciating markets, time adjustments compensate for value changes between comparable sale dates and the appraisal effective date. In rapidly appreciating Northern Virginia, these adjustments can be significant.
Related Virginia Property Valuation Questions
- In Virginia, an appraiser who finds that the subject property's market rent equals the contract rent has determined there is:
- In Virginia's Northern Virginia market, the most relevant comparables for a sales comparison appraisal should be located:
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- A Virginia appraiser is asked to do a 'desk review' of another appraiser's work. This means:
- In Virginia, 'market rent' for appraisal purposes differs from 'contract rent' in that:
- In Virginia, the appraisal approach most commonly used for single-family residential properties is the:
- An appraisal in Northern Virginia shows the subject property is in an area where Chesapeake Bay Preservation Act regulations limit impervious surface. This would most likely be reflected in the appraisal's:
- When a Virginia appraiser states a 'range of value' rather than a single point value, they are acknowledging:
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