Property Valuation
The principle of 'progression' in Wyoming real estate means:
AProperty values increase over time in all Wyoming markets
BA lower-valued property benefits (increases in value) from proximity to higher-valued properties✓ Correct
COlder properties are valued less than newer ones
DCommercial properties are always valued higher than residential
Explanation
The principle of progression holds that the value of a lower-priced property is enhanced by its proximity to higher-priced properties. The opposite (regression) occurs when a high-priced property is diminished in value by surrounding lower-priced properties.
Related Wyoming Property Valuation Questions
- In the income capitalization approach, the capitalization rate is determined by:
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- In the Jackson Hole luxury market, high property values are sustained by all of the following EXCEPT:
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- In Wyoming, the Wyoming Board of Real Estate Appraisers (WBREA) is responsible for:
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- Regression in Wyoming property value occurs when:
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