NC Appraisal Board Appraiser Report Feb 2024

[The Bob]

I think it is fine to use 'narrowing the range' as one way to test the reasonableness of an adjustment. But if that's your goal or the only method used for modeling adjustments, then you risk overfitting the sales in your grid using adjustments that, when applied to a larger set of comparable sales, would not fit nearly as well into your model. On the other I agree that if your range widens upon adjustment, the appraisal is not likely reflecting the behavior market participants. And it is always possible that even sales with differences require $0 adjustments.

I think I get what you're saying. Whenever I have run iterations of the difference of say, a 3br vs a 4br (all other things more or less equal), I will invariably get a range of "adjustments" from "0" to $zzz.
When I say I "tighten up" the adjustment, what I am doing is using an adjustment within that range that makes sense considering the Comps I used. If I have a difference of $5,000 between a 3br and a 4br, does it make more sense to use $5k, which is within the range of adjustments, or $10k which is also within the range? The other comment I would make is that not every buyer reacts the the same to every feature, so to me it's logical that the premium for a feature will vary within the market and your a adjustments should reflect that.

 

[George Hatch]

Okay, thanks.

Surrender is a fast and efficient way for both the state and licensee to resolve a revocation-level case. In fact, it's hard to imagine a state not attempting to negotiate a surrender.

And non-renewal

 

[John Hassler]

And non-renewal

The state has rights to take action even if the licensee did not renew. Whether the state does or not is at their discretion.