Property Valuation
In a Washington appraisal, 'time adjustments' are made to comparable sales to account for:
AThe difference in lot size between comparables and the subject
BMarket appreciation or depreciation between the comparable sale date and the appraisal date✓ Correct
CSeasonal variations in listing activity
DThe age difference between the subject and comparables
Explanation
Time adjustments (or market conditions adjustments) are made to comparable sales that occurred at a different date than the effective appraisal date. They reflect market changes (appreciation or depreciation) between the sale date of the comparable and the appraisal date.
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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.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Math Concepts
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