Property Valuation
In Oklahoma's residential market, comparable sales are typically chosen within what timeframe to best reflect current market conditions?
AWithin 5 years
BWithin the past 6-12 months, with more recent sales preferred✓ Correct
CWithin 2 years in all cases
DAny time period is acceptable if the market is stable
Explanation
Appraisers prefer comparable sales within the past 3-6 months for current assignments, though 6-12 months may be used when recent data is limited. In rapidly changing markets, even more recent sales (1-3 months) may be preferred to capture current conditions.
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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.
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.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
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