Property Valuation
In Minnesota, an appraiser assigning 'market conditions adjustments' to comparable sales is accounting for:
APhysical differences between the comparable and the subject
BDifferences in the date of sale and changes in market prices between the sale date and the effective appraisal date✓ Correct
CLocation differences between the comparable and the subject
DFinancing differences between the comparable's sale terms and the subject's proposed financing
Explanation
Market conditions adjustments (time adjustments) account for changes in market values between the date of a comparable sale and the effective date of the appraisal. In a rising market, an appraiser adds to older comparable sales; in a declining market, a downward adjustment is made. This ensures the comparable's adjusted price reflects current market levels.
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