Property Valuation
When a Virginia appraiser adjusts a comparable for a superior or inferior feature, they adjust:
AThe subject property value
BThe comparable sale price to make the comparable more like the subject✓ Correct
CBoth the subject and comparable equally
DThe appraised value directly
Explanation
In the sales comparison approach, all adjustments are made to the comparable sale prices, not to the subject. The goal is to make each comparable equivalent to the subject property.
Related Virginia Property Valuation Questions
- A Hampton Roads investor evaluates two properties: Property A (NOI $50,000, value $625,000) and Property B (NOI $40,000, value $444,444). Which has the higher cap rate?
- A Virginia appraiser performing an 'as-improved' appraisal of a proposed new construction is appraising the property:
- In Virginia real estate appraisal, the 'scope of work' determination is made by the:
- In Virginia, the phrase 'arm's length transaction' in real estate means:
- A Virginia appraiser in the Richmond market finds only two comparable sales in the past 12 months. They may also use:
- In Virginia, an appraiser uses the 'income approach' for a shopping center. The most important step is determining the:
- Virginia's Hampton Roads market is unique because of sea level rise. An appraiser valuing a Hampton Roads waterfront property must account for:
- In Virginia, 'market rent' for appraisal purposes differs from 'contract rent' in that:
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →