Final answer:
Updating the existing real property report is generally more economical for sellers.
Step-by-step explanation:
The statement is true. It is generally more economical for sellers to update the existing real property report than to have a new real property report prepared. This is because updating an existing report involves making necessary changes or additions to an already existing report, which is less time-consuming and costly compared to preparing an entirely new report from scratch. Updating the report may involve updating information about the property, such as renovations, repairs, or any changes that have occurred since the last report was prepared.