Property Valuation
When appraising a special-use property like a church in Virginia, the appraiser would most likely use which approach?
ASales comparison approach
BIncome approach
CCost approach✓ Correct
DGross rent multiplier approach
Explanation
Special-use or special-purpose properties (churches, schools, hospitals) rarely sell, making comparables scarce. The cost approach (land value + depreciated replacement cost) is typically most applicable.
Related Virginia Property Valuation Questions
- A Northern Virginia office building has an effective gross income (EGI) of $500,000 and total operating expenses of $200,000. What is the NOI?
- Which depreciation category is typically considered 'curable' because the cost to fix it is less than the value added?
- Which appraisal principle states that the value of a property is affected by the values of surrounding properties?
- In the income approach, the Gross Rent Multiplier (GRM) is calculated as:
- An appraiser makes a positive adjustment to a comparable sale in Virginia when the comparable is:
- A Virginia appraiser is asked to do a 'desk review' of another appraiser's work. This means:
- The highest and best use of a property in Virginia appraisal is defined as the use that is:
- An appraiser in Virginia is required to report any pressure from a client to change a value conclusion. Under USPAP, this is called:
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