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The owner of a property sold furniture left behind from a tenant that recently vacated their space. When valuing the property, the appraiser included the

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The owner of a property sold furniture left behind from a tenant that recently vacated their space. When valuing the property, the appraiser included the income generated from this sale as part of the capitalized NOI valuation method. Which of the following statements is true regarding the property's valuation? a. The property is correctly valued as long as the cap rate that is used for valuation is aligned with market cap rates from similar properties O b. The property is undervalued because the next tenant will likely bring newer, more valuable furniture O c. The property is overvalued because the value of the furniture should have only been included if it was still in the office d. The property is correctly valued as long as the next tenant brings in furniture that is at least of the same value as the furniture that was sold e. The property is overvalued because the appraiser failed to use a stabilized NOI

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