Property Valuation
In a Rhode Island appraisal, what is the purpose of an 'adjustment' in the sales comparison approach?
ATo adjust the purchase price after closing
BTo account for differences between a comparable sale and the subject property, bringing the comparable's value closer to what it would have sold for if it were identical to the subject✓ Correct
CTo adjust for inflation since the comparable sold
DTo reduce the appraised value to match the contract price
Explanation
Adjustments in the sales comparison approach are made to comparable sales to account for differences from the subject property. Each difference is analyzed and a dollar amount is added to or subtracted from the comparable's sale price.
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