Property Valuation
In real estate appraisal, a 'comparable sale' (comp) used in the sales comparison approach should be:
AAny property in the state that sold in the past 5 years
BA similar property that sold recently in the same market area✓ Correct
CAny property currently listed for sale
DA property with the exact same square footage
Explanation
A comparable sale should be a similar property that sold recently (usually within 6–12 months) in the same market area, adjusted for differences with the subject property.
Related Maine Property Valuation Questions
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