Property Valuation
In West Virginia, the 'before and after' method of valuation is used in which scenario?
ABefore and after a major renovation to estimate improvement value
BIn eminent domain to value damages to the remainder after a partial taking✓ Correct
CComparing pre- and post-recession market values
DComparing listing price and final sale price
Explanation
The 'before and after' method is used in partial takings (eminent domain). The appraiser values the entire property before the taking and the remainder after the taking; the difference represents the total compensation (value of part taken plus severance damages to the remainder).
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Key Terms to Know
Eminent Domain
The power of government to take private property for public use, with the requirement to pay the owner just compensation.
AppraisalA 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.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
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