A real estate agent is preparing a CMA for a 3-bedroom bungalow. Which property would be the BEST comparable sale?
Correct Answer
D) A 3-bedroom bungalow sold 1 month ago in the same neighborhood
The best comparable combines the most similar physical characteristics (3-bedroom bungalow) with the most recent sale date (1 month) and closest location (same neighborhood). This provides the most reliable indication of current market value with minimal need for adjustments.
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Previous Question
A real estate agent is preparing a CMA for a 2,000 square foot bungalow. A comparable property sold for $450,000 but has an additional 300 square feet. If the adjustment is $150 per square foot, what is the adjusted sale price of the comparable?
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A rental property generates $3,000 monthly rent with annual operating expenses of $8,000. Using a capitalization rate of 6%, what is the estimated value using the income approach?