Property Valuation
The appraisal principle of conformity in Virginia holds that:
AAll properties in a neighborhood must look identical
BMaximum value is achieved when a property conforms to the predominant style and use of the neighborhood✓ Correct
CA property must conform to all local zoning ordinances
DAppraisers must conform to USPAP standards
Explanation
The principle of conformity holds that value is maximized when properties are in harmony with surrounding uses and character. An overbuilt or underbuilt property in a neighborhood may not achieve full value.
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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.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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