Property Valuation
In Ohio, which of the following BEST describes 'market conditions' as used in the sales comparison approach?
AThe weather conditions on the sale date
BChanges in supply, demand, and prices over time that affect how comparable sales from the past are adjusted to reflect current values✓ Correct
CThe overall economic conditions of the United States
DThe specific features of the comparable sale property
Explanation
Market conditions adjustments account for changes in market values between the date of a comparable sale and the effective date of the appraisal. If values have risen, older comps are adjusted upward.
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