Property Valuation
When appraising an Oregon property, the appraiser finds that no comparable sales within 1 mile are available. What should the appraiser do?
ARefuse the assignment
BExpand the search area and time frame for comparables, making appropriate adjustments for the differences in location and market conditions✓ Correct
CUse tax assessed values instead
DOnly use the cost approach
Explanation
When ideal comparable sales are unavailable, Oregon appraisers must expand the geographic search area and/or extend the time frame. They make adjustments for location differences (distance, market area) and time (market conditions).
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