Property Valuation
A Wyoming appraiser performing a ranching property appraisal uses 'comparable ranch sales' as comparables. Key adjustment factors for ranch comparables include:
AOnly the number of bedrooms and bathrooms
BWater rights, grazing capacity, mineral rights, scenic amenities, improvements, and proximity to public land✓ Correct
COnly the acreage of each ranch
DOnly the number of outbuildings on the ranch
Explanation
Ranch property comparables require adjustments for multiple value-driving factors: quantity and quality of water rights (critical in the West), grazing capacity (AUMs—Animal Unit Months), mineral rights included or excluded, improvements (barns, fences, irrigation systems), scenic value, and access to public land for grazing or recreational use.
Related Wyoming Property Valuation Questions
- A Wyoming appraiser must follow the Uniform Standards of Professional Appraisal Practice (USPAP), which requires appraisals to be:
- A Wyoming ranch appraiser would use the income approach by capitalizing the:
- When appraising a Wyoming recreational property (hunting ranch, fishing cabin), appraisers should recognize that:
- 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:
- Functional obsolescence in a Wyoming property is best illustrated by:
- A Wyoming appraiser using the direct capitalization method would estimate value by:
- An appraiser making a positive adjustment to a comparable sale in Wyoming means:
- A Wyoming property's 'as improved' highest and best use considers:
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