Property Valuation
Which West Virginia market condition would cause an appraiser to make a positive adjustment to a comparable sale?
AThe comparable has a newer roof than the subject
BThe comparable sold six months ago in a rising market✓ Correct
CThe comparable is in a better neighborhood
DThe comparable has a larger lot than the subject
Explanation
If the comparable sold in a rising market six months ago, its sale price would understate current value. The appraiser makes a positive time adjustment to reflect that values have increased since the comparable's sale date.
People Also Study
Related West Virginia Questions
- A West Virginia appraiser determines a property's value using the sales comparison approach. A comparable property sold for $180,000 but has a garage valued at $10,000 that the subject property lacks. The adjusted sale price of the comparable is:Property Valuation
- A West Virginia appraiser determines that a property's highest and best use is for commercial development rather than its current residential use. The appraisal should reflect:Property Valuation
- An appraiser in Morgantown, WV notes that home prices near West Virginia University have been rising rapidly due to strong rental demand from students. This is an example of which value principle?Property Valuation
- In a West Virginia comparative market analysis (CMA), a real estate agent adjusts comparable sales to account for differences with the subject property. If a comparable sold for $165,000 but lacks a deck valued at $8,000 that the subject has, the adjusted comparable value is:Property Valuation
- A West Virginia property was listed for $289,000 and sold for $278,000. If the agent's commission is 5.5% of the sale price, what is the commission?Real Estate Math
- A West Virginia agent earns 3% of the sale price as their commission. The agent's broker takes 30% of the agent's commission as a split. The property sold for $260,000. What does the agent net?Real Estate Math
- A West Virginia property has 3 acres being sold at $18,500 per acre. What is the total sale price?Real Estate Math
- A West Virginia property is listed at $225,000 and sells for 96% of list price. What is the sale price?Real Estate Math
Key Terms to Know
Comparable Sales (Comps)
Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Study This Topic
Practice More West Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free West Virginia Quiz →