Property Valuation
When a Virginia appraiser reconciles value indications from multiple approaches, they:
AAverage all approaches equally
BWeight each approach based on its reliability for the property type✓ Correct
CAlways use the highest value
DAlways use the income approach
Explanation
Reconciliation involves weighing the strengths and weaknesses of each valuation approach for the specific property and market. Appraisers do not simply average the results.
Related Virginia Property Valuation Questions
- Functional obsolescence in Virginia real estate appraisal refers to:
- In the income approach, the Gross Rent Multiplier (GRM) is calculated as:
- An appraiser in Richmond applies the cost approach to a 20-year-old warehouse. Total reproduction cost new is $800,000 and land value is $150,000. Depreciation is estimated at 25%. What is the value indication?
- A Virginia appraiser must comply with which set of professional standards?
- A Virginia property's highest and best use is the use that is:
- In the cost approach, the value formula is:
- In Virginia, a broker completing a Broker Price Opinion (BPO) for a lender is NOT performing an appraisal. BPOs are:
- 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?
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →