What key change did appraisers make in how rental comparisons are handled in the grid?
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Rentals are now compared on a unit-by-unit basis instead of comparing entire properties
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Fill in the blank: Each unit or ADU in the Opinion of Market Income table must include the __________ that represents expected income at market value.
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Each unit or ADU in the Opinion of Market Income table must include the MONTHLY MARKET RENT that represents expected income at market value.
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How should each comparable rental be represented in the appraisal report?
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As an individual unit, not as the total property
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What details must accompany each comparable rental for documentation purposes?
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Property photo, Rental Comparable number, address, and data source
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Question Which elements are always included in the rental comparison grid regardless of the unit?
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Answer
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What is the primary purpose of the Income Approach section in relation to rental properties?
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To analyze Gross Rent Multiplier (GRM) comparables, market rent, and the GRM itself
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Transcript
What key change did appraisers make in how rental comparisons are handled in the grid?
Flip flashcard to reveal answer
The correct answer is...
Rentals are now compared on a unit-by-unit basis instead of comparing entire properties
Back to Question
Next card
Fill in the blank: Each unit or ADU in the Opinion of Market Income table must include the __________ that represents expected income at market value.
Flip flashcard to reveal answer
Previous card
The correct answer is...
Each unit or ADU in the Opinion of Market Income table must include the MONTHLY MARKET RENT that represents expected income at market value.
Next card
Back to Question
How should each comparable rental be represented in the appraisal report?
Flip flashcard to reveal answer
Previous card
The correct answer is...
As an individual unit, not as the total property
Next card
Next card
Back to Question
What details must accompany each comparable rental for documentation purposes?
Flip flashcard to reveal answer
Previous card
The correct answer is...
Property photo, Rental Comparable number, address, and data source
Next card
Back to Question
Question Which elements are always included in the rental comparison grid regardless of the unit?
Flip flashcard to reveal answer
Previous card
The correct answer is...
Answer
Next card
Back to Question
What is the primary purpose of the Income Approach section in relation to rental properties?
Flip flashcard to reveal answer
Previous card
The correct answer is...
To analyze Gross Rent Multiplier (GRM) comparables, market rent, and the GRM itself
Back to Question