Virginia State Real Estate Exam Practice Question
The market data approach is also known as the
Correct Answer: B
Rationale: The market data approach, primarily used in real estate appraisal, is synonymous with the sales comparison approach. This method evaluates property value based on the sale prices of similar properties in the same area, providing a direct market-based assessment.
Option A, the age-life approach, focuses on estimating depreciation based on the age of a property, not on market comparisons. Option C, the income approach, assesses value based on potential income generation, which differs from comparing sales. Option D, the replacement cost comparison approach, estimates the cost to replace a property, rather than relying on actual sales data, making it distinct from the market data method.
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