Property Valuation
A Florida appraiser assigns a 'time adjustment' to a comparable sale because the market has appreciated. This adjustment is:
AAdded to the comparable to reflect market improvement since the sale date✓ Correct
BSubtracted from the comparable because older sales are always less reliable
CApplied only if the comparable is more than two years old
DNot permitted in Florida appraisals
Explanation
A time (market conditions) adjustment is made when market values have changed between the date of a comparable sale and the appraisal date. If the market has appreciated, the appraiser adds a positive adjustment to the comparable's price.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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