Property Valuation
A Wisconsin appraiser's final value conclusion for a home is $285,000. The sales comparison approach indicated $282,000, the cost approach $290,000, and no income approach was used. This reconciliation gives greatest weight to:
AThe cost approach because it is highest
BThe average of the two approaches
CThe sales comparison approach as most reliable for a single-family home✓ Correct
DThe income approach since it was excluded
Explanation
For single-family residential properties, the sales comparison approach is generally given the most weight because it directly reflects what buyers are paying for similar homes in the market.
Related Wisconsin Property Valuation Questions
- The principle of conformity in Wisconsin real estate states that:
- Wisconsin's property assessment is administered at the:
- Wisconsin's Lake Geneva resort real estate market is characterized by:
- In the sales comparison approach, Wisconsin appraisers make adjustments when:
- In Wisconsin, an 'as-is' appraisal reflects the value of the property:
- The Wisconsin sales comparison approach adjusts comparable sales for differences from the subject. An adjustment for a bathroom the comparable lacks is a:
- A Wisconsin appraiser performing a 'retrospective appraisal' (as-of a past date) must:
- The gross rent multiplier (GRM) method estimates value by:
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