Sales Comparison Approach

Excess land differs from surplus land in that excess land:

A paired sales analysis reveals that homes with stainless-steel appliances sell for $2,100 more than identical homes with standard appliances — but only when the homes are priced below $350,000. In the subject’s neighborhood, median sale price is $410,000. What is the appraiser’s obligation regarding the $2,100 appliance adjustment?

GLA differs by 210 sq ft between subject and comparable. Paired sales support $65 per sq ft of living area. The line adjustment is:

Paired sales are drawn from transactions six months apart in a stable market. The time adjustment needed is:

An appraiser is analyzing three comparable sales with the following data: Sale 1: $350,000 with +$10,000 adjustments; Sale 2: $340,000 with -$5,000 adjustments; Sale 3: $360,000 with -$15,000 adjustments. What are the adjusted sale prices?

The most appropriate unit of comparison is determined by:

A comparable sale occurred 8 months ago for $425,000. Market conditions indicate property values have increased 0.5% per month since that time. What is the adjusted sale price?

A comparable superior to the subject in every adjusted category should produce an indication that is:

Three sales support $520,000; the borrower's purchase contract is $505,000. May the appraisal conclude above the contract price?

A property sold for $320,000 one year ago. If market conditions have improved by 6% since that sale, what is the time-adjusted sale price for comparison purposes?

An appraiser is developing an opinion of market value for a 20-unit apartment building. The appraiser finds three comparable sales with the following information: Sale 1: 18 units, sold for $1,800,000; Sale 2: 22 units, sold for $2,200,000; Sale 3: 24 units, sold for $2,280,000. What is the average price per unit for these comparables?

A comparable sold for $300,000 with the seller carrying a loan 2 points below market, a benefit worth $8,000. What is its cash-equivalent price?

A comparable property sold 8 months ago for $450,000. Market analysis indicates property values have been appreciating at 6% annually. What is the time-adjusted sale price?

Why is a foreclosure sale generally a poor comparable in a stable market?

When selecting comparable sales for a residential appraisal, which of the following is the LEAST important factor?

On a URAR form, if an appraiser makes a $5,000 upward adjustment to a comparable sale for a missing garage, where should this adjustment be reflected?

A property sold 18 months ago for $500,000. Current market conditions indicate property values have increased 1.5% per year. The property is inferior to the subject by $25,000 in location. What is the adjusted sale price?

A comparable sold 8 months ago for $250,000 in a market appreciating 6% per year. What is the time-adjusted price?

A comparable property is superior to the subject property in location, requiring a $15,000 downward adjustment. The comparable also has an inferior garage, requiring a $5,000 upward adjustment. If the comparable sold for $320,000, what is the adjusted sale price?

In a paired sales analysis, two similar properties sold for $350,000 and $365,000. The only significant difference was that the higher-priced property had a fireplace. What adjustment should be made for a fireplace?

Days on market for the comparables averaged 18, while the subject has been listed 140 days without an offer. This suggests:

A comparable property sold 8 months ago for $500,000. Market conditions have been appreciating at 6% annually. What is the time-adjusted sale price?

In the sales comparison approach, which adjustment sequence is generally considered most reliable?

In a declining market, which adjustment technique is most appropriate for time adjustments?

In the sales comparison approach, which adjustment sequence is generally preferred?

Per-square-foot indications point to $402,000 while whole-price indications point to $418,000. The appraiser should:

Which of the following is NOT typically considered when selecting comparable sales?

In paired sales analysis, an appraiser finds two similar properties that differ only in that one has a pool and sold for $15,000 more. This indicates the pool's contributory value is:

A comparable property sold for $320,000. It has a pool worth $15,000 that the subject property lacks, but the subject has a garage worth $20,000 that the comparable lacks. What is the adjusted sale price of the comparable?

A comparable sale occurred 8 months ago for $300,000. Market analysis indicates property values have been appreciating at 6% annually. What time adjustment should be applied?

A comparable sale requires a +$15,000 adjustment for location and a -$8,000 adjustment for condition. If the comparable sold for $325,000, what is the adjusted sale price?

In a paired sales analysis, Property A sold for $325,000 with a two-car garage, and Property B sold for $310,000 without a garage. All other features are similar. What is the indicated adjustment for a garage?

A final value opinion below every adjusted indication requires:

A comparable sold twice in eighteen months, first at $380,000 and then at $455,000, with a documented renovation between. For the grid the appraiser should use:

Which factor would be LEAST important when selecting comparables for a luxury waterfront home?

Two recently sold properties are nearly identical: both are 1,800-square-foot brick ranches on 0.25-acre lots, with updated kitchens and no garage. Comparable X has a screened porch (200 sq ft) and sold for $378,500; Comparable Y lacks a screened porch and sold for $369,900. The appraiser notes that both sales occurred in the same week, with no financing or seller concessions. What is the appropriate adjustment to apply to a subject property *with* a screened porch when using Comparable Y as the benchmark?

Why are adjustments for the same feature ideally consistent across all comparables in a grid?

A comparable transferred as part of a 1031 exchange at a price $18,000 over its listing. The most likely explanation to investigate is:

A comparable that sold as part of a portfolio transaction may:

An active listing priced at $415,000 for 90 days without an offer tells the appraiser what about value?

A comparable property sold for $380,000 and is 5% superior to the subject property in overall condition. What adjustment should be made to the comparable?

In a sales comparison analysis, an appraiser applies a +$24,500 adjustment for a swimming pool to Comparable A, then later applies a −$18,200 adjustment for inferior HVAC to the same comparable. The appraiser reports a net adjustment of +$6,300. During peer review, it is noted that the pool adjustment was derived from a single sale pair involving a luxury estate, while the HVAC adjustment came from a cluster of mid-range transactions. What is the primary analytical deficiency?

A comparable sale occurred 18 months ago for $485,000. Market conditions have appreciated at 0.5% per month since then. What is the time-adjusted value of this comparable?

Percentage adjustments applied in sequence differ from adding the percentages together because:

If market values increased 8% over the past 18 months, what monthly adjustment rate should be applied to comparable sales?

Resales of the same renovated condo model, one year apart, differ by 4% with no unit differences. The cleanest use of this pair is:

A sale between a father and his daughter closed 10% below the going price. Why is it a weak comparable?

In a paired sales analysis, Property A sold for $320,000 with a garage, and Property B sold for $295,000 without a garage. All other features are similar. What is the indicated adjustment for a garage?

A comparable sale occurred under foreclosure conditions. How should this affect the appraiser's analysis?

A comparable property sold for $450,000 and has a two-car garage, while the subject property has a one-car garage. If a garage bay is worth $8,000, what adjustment should be made to the comparable?