Property Valuation
What is a comparable sale (comp) in Nevada residential appraisal?
AA property currently listed for sale near the subject
BA recently sold property similar in size, condition, and location to the subject property✓ Correct
CAny property within one mile of the subject
DA property with the same square footage as the subject
Explanation
A comparable sale (comp) is a recently sold property that is similar in physical characteristics (size, age, condition) and location to the subject property. Adjustments are made for differences between each comp and the subject to derive a value indication.
Related Nevada Property Valuation Questions
- What is 'functional obsolescence' in a Nevada real estate appraisal and provide a common example?
- What is a going-concern value in Nevada commercial appraisal?
- What is an appraisal review in Nevada real estate?
- What is a retrospective appraisal versus a prospective appraisal in Nevada?
- An appraiser performing a cost approach appraisal on a 15-year-old commercial building in Reno, Nevada estimates the building reproduction cost at $1,200,000 and the land value at $300,000. With an effective age of 15 years and economic life of 50 years, what is the estimated depreciation?
- What is functional obsolescence in appraisal terminology?
- What is the cost approach formula used in Nevada real estate appraisal?
- In Nevada, when is the cost approach most appropriate for appraisal?
Practice More Nevada Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nevada Quiz →