Property Valuation
Which West Virginia property characteristic typically requires the greatest downward adjustment in the sales comparison approach?
AThe comparable has a slightly older roof than the subject
BThe comparable is located in a significantly superior neighborhood to the subject✓ Correct
CThe comparable has one fewer bathroom than the subject
DThe comparable was sold 3 months ago in a stable market
Explanation
Location is typically the most significant value factor. A comparable in a significantly superior location would require a larger downward adjustment than differences in physical features.
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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.
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.
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