Property Valuation
In NJ, when an appraiser selects comparables for a Newark single-family appraisal, they should give preference to:
ASales in suburban Bergen County for higher comparability
BSales in the same or immediately adjacent Newark neighborhoods with similar physical and locational characteristics✓ Correct
CAny NJ sale within the past 12 months
DThe most expensive sales available
Explanation
USPAP and appraisal best practices require that comparables be geographically proximate and physically/functionally similar to the subject. For a Newark home, nearby Newark neighborhood sales are more reliable than suburban comparables.
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