When conducting a property valuation in Queensland, what is the most critical consideration regarding comparable sales data?
Correct Answer
A) Sales should be recent, verified and arm's-length, reflecting current market conditions
Quality comparable sales must be recent to reflect current market conditions, verified for accuracy, and representative of typical market transactions. Geographic proximity is important but flexibility is needed based on local market characteristics.
Why This Is the Correct Answer
Good comparable evidence is recent enough to reflect today's market, verified against reliable records, and made between willing, unrelated parties. Distressed or related-party sales and stale sales distort the result.
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