Property Valuation
What is a 'comparable sale' (comp) in real estate appraisal?
AAny property listed for sale in the same city
BA recently sold property that is similar to the subject property, used to estimate value through the sales comparison approach✓ Correct
CA property listed at a similar price
DA property owned by the same seller
Explanation
A comparable sale (comp) is a property that has recently sold and is similar to the subject property in terms of location, size, age, condition, and features. Appraisers make adjustments for differences between comps and the subject property to arrive at a value estimate.
Related California Property Valuation Questions
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