Property Valuation
A Wyoming appraiser notes that property values in a Jackson Hole subdivision have been increasing 8% annually for the past three years. This is an example of:
ARegression
BAppreciation—positive change in value over time✓ Correct
CDepreciation
DFunctional obsolescence
Explanation
Appreciation is the increase in property value over time. Wyoming's Jackson Hole market has experienced significant appreciation driven by limited land supply, luxury demand, proximity to Grand Teton National Park, and Yellowstone.
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Key Terms to Know
Depreciation
A reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
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.
Math Concepts
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