Property Valuation
A Florida home sold for $350,000. The comparable sale has an extra bathroom worth $8,000. The comparable does NOT have a garage that the subject has, worth $12,000. What is the adjusted comparable sale price?
A$330,000
B$346,000
C$354,000✓ Correct
D$370,000
Explanation
Comp is better (extra bath): subtract $8,000. Comp is worse (no garage): add $12,000.
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Key Terms to Know
Comparable Sales (Comps)
Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
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