Property Valuation
In West Virginia, a property appraiser uses 'bracketing' to validate adjustments. The appraiser selects comparable A (superior feature) and comparable B (inferior feature). This technique:
AAverages the two comparables to find the subject's value
BShows that the subject property's value falls between the adjusted values of the two comparables, validating the adjustment direction✓ Correct
CAutomatically determines the adjustment amount mathematically
DRequires at least five comparables to be valid
Explanation
Bracketing helps validate the direction and magnitude of adjustments by selecting comparables that are superior and inferior in the specific feature being adjusted. The subject's value should fall between the adjusted bracketing comparables' values.
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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.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
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