An abnormal sale refers to a property transaction that does not represent typical market conditions and hence, does not reflect the property's market value.
Adjustments (in Appraisal) refers to the dollar value or percentage amounts added to or subtracted from the sales price of comparable properties to provide an indication of the value of the subject property. These adjustments compensate for variations in features between the comparable and the subject property.
The appraisal process, also known as the valuation process, is a systematic method used to estimate the market value of a property. This process involves a detailed analysis of various factors including property condition, location, and comparable sales.
Comparables, or comparable sales, refer to properties that are similar to the one being sold or appraised. These properties are typically used in the sales comparison approach to estimate the value of the subject property.
The Comparative Sales Approach, also known as the Sales Comparison Approach, is a real estate appraisal method that estimates the value of a property by comparing it to similar properties that have recently sold in the same area.
The Comparison Method, also known as the Sales Comparison Approach, is a real estate appraisal method that bases the value of a property on the sales prices of similar properties in the same area.
A Data Plant comprises compiled statistical information used by appraisers or other real estate professionals to evaluate property values, market trends, and comparable sales data, playing a pivotal role in real estate appraisal and market analysis.
The Direct Sales Comparison Approach, also known as the Sales Comparison Approach, is a real estate appraisal method used to estimate the value of a property by comparing it to recently sold properties with similar characteristics within the same market area.
The Market Approach, also known as the Sales Comparison Approach, is a real estate valuation method that compares a property with similar recently sold properties in the same area. This approach is commonly used for residential real estate and helps to determine the fair market value by looking at comparable sales (comps).
The Market Comparison Approach, also known as the Sales Comparison Approach, is a valuation method used primarily in real estate to estimate the value of a property by comparing it to similar properties recently sold in the same area.
In real estate appraisal, the 'subject property' refers to the property currently being appraised. Understanding its value, attributes, and market comparables is essential for accurate property valuation.
