Property Valuation
A condition of sale adjustment in a Utah appraisal accounts for:
ADifferences in property condition between subject and comparables
BWhether a comparable sale was arm's-length or involved unusual motivations (foreclosure, divorce, related parties)✓ Correct
CThe time of year the property was sold
DThe financing terms on the comparable sale
Explanation
Condition of sale adjustments are made when a comparable sale did not occur under normal, arm's-length market conditions—such as a sale between family members, a foreclosure, or a sale under duress. Such sales may not reflect true market value.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
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