Question

In addition to sale price, what other sales data should be confirmed for the sales comparison approach?

a. gross living area
b. property condition at the time of the sale
c. terms and circumstances of the sale
d. all of the above

Answer 1

The correct option is D). When utilizing the sales comparison approach for property valuation, confirming the sale price is just one aspect. Other essential data includes the gross living area, the property condition, and the terms and circumstances of the sale, all influencing the final assessment.

Step-by-step explanation:

In the sales comparison approach to property valuation, in addition to confirming the sale price, it is essential to ensure that other pertinent data is accurate. This includes:

• The gross living area of the property, as it greatly impacts value.
• The property condition at the time of the sale, since differences in condition can lead to adjustments in price comparisons.
• The terms and circumstances of the sale, which might involve concessions or seller financing, affect the final sale price.

All of these elements are critical in making sure that the comparison is fair and allows a proper valuation of the property in question. They account for differences between comparable properties that can significantly influence the assessed value.