10 Questions
What adjustment is typically required for comparables in markets with rapidly changing prices?
Inflationary adjustment
What does the reproduction cost of a building refer to?
The cost of building an exact replica
What is considered wear and tear that reduces the value of a property?
Physical deterioration
When is deterioration considered curable according to the text?
When it is not overly expensive to correct
What does the process of reconciliation allow an appraiser to do?
Arrive at one final value estimate
Which of the following is NOT a step a real estate agent can take to help avoid a low appraisal?
"Fixing" comparables
What type of cost is it when an appraiser finds that it would cost $380,000 to construct an exact replica of the subject property?
Reproduction cost
What is an example of physical deterioration in a property?
Warped siding
When should an appraiser make adjustments for inflation or deflation while using comparables?
Stable economy market
What is the main focus of most appraisers when evaluating a property's value?
Replacement cost
Test your knowledge on property appraisal, loan-to-value ratios, appraisal process, property valuation methods, and elements considered in evaluating a property's suitability as a comparable.
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