NC Values
Sophomore Member
- Joined
- Feb 21, 2003
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
I am taking my Certified Residential exam tomorrow and I am confused about the proper way to apply percentage value adustments. What is the correct order in applying adjustments (eg. conditions of sale, financing, date of sale, property characteristics). What determines if the effect of two or more percentage adjustsments are compounded (multiply/divide) or simply additive/subtractive?
For example, if a comp sale was foreclsosure property with motivated seller that sold the property at a 10% discount for quick sale, there was favorable financing was 2% superior to subject, and the sale occured 1 year ago and local real estate values have risen 4% and the comp is judged to be superior in quality to subject by 5% but has an inferior location to subject of 15%, and comp sold for $100K? (for illustrative purposes only)
For example, if a comp sale was foreclsosure property with motivated seller that sold the property at a 10% discount for quick sale, there was favorable financing was 2% superior to subject, and the sale occured 1 year ago and local real estate values have risen 4% and the comp is judged to be superior in quality to subject by 5% but has an inferior location to subject of 15%, and comp sold for $100K? (for illustrative purposes only)