Real Estate Math
A comparable sale in an Indiana appraisal sold for $295,000. The comparable has a garage worth $8,000 that the subject property lacks. What adjusted sale price is used for the subject?
A$287,000✓ Correct
B$295,000
C$303,000
D$308,000
Explanation
The comparable is superior (has a garage the subject lacks). Subtract the garage value from the comparable: $295,000 − $8,000 = $287,000 adjusted comparable value.
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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.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
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