Certified Residential Appraiser Practice Exam

Which of the following is an example of a relevant property characteristic that could affect a real property appraisal assignment?

1. The size of the property

2. The condition of the roof

3. The fact that the subject property is affected by an easement

4. The neighborhood's average income

The correct answer is: The fact that the subject property is affected by an easement

The correct choice highlights a relevant property characteristic that can significantly influence the value of a property during an appraisal. An easement affects the use and enjoyment of the subject property, which can have direct implications for its market value. For example, if the property has an easement that restricts access or usage, potential buyers might perceive the property as less desirable, thereby affecting its overall valuation. While the size of the property, the condition of the roof, and the neighborhood's average income can also be important factors in an appraisal, they do not directly modify the property’s legal rights and usability in the same way an easement does. The size of the property influences its value through comparables; the condition of the roof may directly affect maintenance costs and appeal; and the neighborhood's average income can suggest market demand or pricing trends. However, an easement introduces legal considerations that could substantially alter the property's value, making it a particularly relevant characteristic in the context of property appraisal.