Property Valuation
Replacement cost in the cost approach uses:
AThe original construction cost of the improvements
BThe cost to build a functionally equivalent structure using current materials and standards✓ Correct
CThe cost to rebuild the identical structure with the same materials
DThe assessed value assigned by the county
Explanation
Replacement cost is the cost to build a structure of equal utility using current materials, design standards, and construction methods — not necessarily identical to the original. Reproduction cost uses identical materials and design.
Related Wyoming Property Valuation Questions
- A Wyoming industrial property appraiser uses the 'extraction method' to value the land. This involves:
- A Wyoming Comparative Market Analysis (CMA) prepared by a real estate agent differs from a formal appraisal because:
- Functional obsolescence in a Wyoming property is best illustrated by:
- A Wyoming appraiser notes that the comparable sales used in the sales comparison approach are from a 'buyer's market.' This means:
- In Wyoming, a retroactive appraisal (for estate purposes, for example) requires the appraiser to:
- A Wyoming appraiser values a ranch property. The ranch has irrigation water rights as an appurtenant right. In the appraisal, water rights should be:
- In Wyoming, an upward adjustment to a comparable sale indicates:
- In Wyoming, the Appraisal Institute designations (MAI, SRA) indicate:
Practice More Wyoming Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wyoming Quiz →