Property Valuation
When adjusting comparable sales in the sales comparison approach, adjustments for market conditions (time) reflect which factor?
APhysical deterioration of the property since the sale
BChanges in market values between the comparable's sale date and the appraisal date✓ Correct
CChanges in the comparable's neighborhood demographics
DAdjustments for interior upgrades made since the sale
Explanation
Time (market conditions) adjustments account for changes in property values between when a comparable sold and the effective date of the appraisal. In a rising Oregon market, a sale from 12 months ago would typically receive an upward adjustment to reflect current market prices. These are sometimes called 'appreciation adjustments.'
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