Property Valuation
In a West Virginia residential appraisal, the appraiser must give primary weight to which approach to value?
AThe cost approach for all properties
BThe income approach for all residential properties
CThe sales comparison approach for owner-occupied homes✓ Correct
DWhichever approach produces the highest value
Explanation
For single-family owner-occupied homes, the sales comparison approach is generally given the most weight because buyer behavior in the market is best reflected by actual sales of comparable properties.
Related West Virginia Property Valuation Questions
- In West Virginia appraisal practice, 'paired sales analysis' is used to:
- In West Virginia, 'external obsolescence' (economic obsolescence) affecting a property's value could be caused by:
- An appraiser's final reconciliation of value in a West Virginia appraisal involves:
- The capitalization rate (cap rate) formula used to value income property in West Virginia is:
- In the sales comparison approach, adjustments are made to the comparable properties because:
- An arm's-length transaction for real estate valuation purposes is a sale:
- A West Virginia property generates $36,000 in annual net operating income (NOI). If the market cap rate is 8%, what is the property's estimated value?
- When a West Virginia appraiser 'brackets' a comparable, they:
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