Property Valuation
Neighborhood analysis in Wyoming real estate appraisal includes studying:
AOnly the subject property's physical characteristics
BEconomic, physical, social, and governmental factors affecting the neighborhood✓ Correct
CThe seller's motivation for listing the property
DThe listing agent's marketing strategy
Explanation
Neighborhood analysis examines forces affecting value: physical characteristics (terrain, improvements), economic factors (income levels, employment), social factors (demographics, lifestyle), and governmental factors (taxes, zoning, utilities). These affect all properties in the area.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
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