Property Valuation
An appraiser valuing a Charleston, WV single-family residence would most likely use which primary appraisal approach?
AIncome approach
BCost approach
CSales comparison approach✓ Correct
DGross rent multiplier approach
Explanation
For residential properties like single-family homes in Charleston, WV, appraisers primarily use the sales comparison approach, comparing the subject property to recent sales of similar homes in the area.
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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.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Math Concepts
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