Final answer:
When using the sales comparison approach to value a property that is 15% less valuable than another which sold for $60,000, the subject property's value is calculated to be $51,000.
Step-by-step explanation:
In the sales comparison approach, if Sale #1 sold for $60,000 and is considered to be 15% superior to the subject property, we must calculate the value of the subject property by reducing the sale price of Sale #1 by 15%. A property that is 15% less valuable would be worth 85% (100% - 15%) of Sale #1's sale price. Therefore, we calculate the subject property value as follows:
Subject Property Value = Sale #1 Price × (1 - Superiority Percentage)
Subject Property Value = $60,000 × 0.85
Subject Property Value = $51,000
Based on these calculations, the correct answer would be option b, $51,000, representing the value of the subject property.