Property Valuation
Which appraisal principle states that the value of a property is affected by the values of surrounding properties?
AConformity✓ Correct
BContribution
CSubstitution
DHighest and best use
Explanation
The principle of conformity states that a property achieves maximum value when it is surrounded by similar, compatible properties. Neighborhoods with conformity in land use tend to maintain stable values.
Related Virginia Property Valuation Questions
- A Virginia appraiser who uses the sales comparison approach and makes adjustments totaling more than 25% of the comparable's adjusted price should:
- When appraising a special-use property like a church in Virginia, the appraiser would most likely use which approach?
- Plottage value in Virginia appraisal refers to:
- An appraiser in Virginia applies the 'paired sales analysis' technique to determine the market adjustment for a swimming pool. This means:
- Functional obsolescence in Virginia real estate appraisal refers to:
- A Virginia appraiser is asked to do a 'desk review' of another appraiser's work. This means:
- In a Hampton Roads residential market, a property has 3 bedrooms, 2 baths, and a garage. If paired sales show the market values a garage at $12,000, and the comparable has no garage, the appraiser should make what adjustment to the comparable?
- In the cost approach, 'replacement cost new' differs from 'reproduction cost new' 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 →