Property Valuation
In New York, a 'bracketing' strategy in the sales comparison approach means the appraiser selects comparables that:
AAll sold at the same price as the subject
BInclude sales both above and below the estimated value of the subject to 'bracket' the value conclusion✓ Correct
CWere all sold within the past 30 days
DAre in the same building as the subject
Explanation
Bracketing means selecting comparables with some above and some below the subject in key characteristics (size, price, features), so the adjustments go in both directions. This strengthens the reliability of the final value conclusion.
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Key Terms to Know
Comparable Sales (Comps)
Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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