A comparable sold for $296,000 and its adjustments total $44,400 without regard to sign. What is the gross adjustment as a percentage of the sale price?
Correct Answer
D) 15.0%
Why this is correct: Calculation: $44,400 ÷ $296,000 = 15.0%. Why the other choices are wrong: 1.5% misplaces the decimal by a factor of ten; 30.0% doubles the total, as though each adjustment were counted twice; 14.0% does not follow from the two figures given.
Why This Is the Correct Answer
Why this is correct: Calculation: $44,400 ÷ $296,000 = 15.0%. Why the other choices are wrong: 1.5% misplaces the decimal by a factor of ten; 30.0% doubles the total, as though each adjustment were counted twice; 14.0% does not follow from the two figures given.
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An appraiser is valuing a property where a comparable sale occurred 8 months ago for $275,000. Market conditions have been appreciating at 0.5% per month. What time-adjusted price should be used for the comparable?
