Property Valuation
In the sales comparison approach, what is a 'comparable sale' (comp)?
AAny property sold in the same county within the past decade
BA recently sold property that is similar to the subject property in location, size, condition, and features, used to estimate the subject's market value✓ Correct
CA property that the appraiser has personally inspected
DA property listed at a similar price to the subject property
Explanation
A comparable sale (comp) is a recently sold property similar to the subject property in location, physical characteristics, and market conditions. Appraisers analyze comps and make adjustments for differences to arrive at an indicated value for the subject property.
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