Property Valuation
When using the sales comparison approach for a Florida home, an appraiser should use comparable sales that are generally:
AActive listings in the MLS
BRecently sold properties similar to the subject within the same market area✓ Correct
CProperties currently under contract that have not yet closed
DBank-owned properties (REOs) to establish distressed value
Explanation
Comparable sales should be closed (completed) transactions of similar properties in the same or comparable market area, sold recently (typically within the past 6–12 months). Active listings establish an upper bound but are not sales; pending/under contract sales provide limited data.
Related Florida Property Valuation Questions
- A Florida appraiser excludes a comparable sale from the analysis because the sale was a 'distressed sale' (foreclosure or short sale). This is because:
- Which of the following is an example of 'external obsolescence' for a Florida home?
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