A real estate licensee is performing a competitive market analysis. He locates a comparable property that is slightly older than the subject property. The age of the comparable makes it worth $2,000 less. The comparable has a small porch worth $1,000 than the subject property lacks. If the comparable sold for $269,500 recently, what is the estimated value of the subject property?
A. $266,500
B. $268,500
C. $270,500
D. $272,500
Answer: C. $270,500
To estimate the value of the subject property, adjust the comparable's sales price to reflect what it would sell for if it were identical to the subject property. Add $2,000 to the comparable's sales price (to make it more like the subject property, which is newer), and then subtract $1,000 from the comparable's sales price (again, to make it more like the subject property, which lacks a porch). The results is $270,500.
You might also like to view...
Which term refers to the amount of individual resources an existing schedule requires during specific time periods?
a. resource loading b. resource histogram c. resource leveling d. resource logs
Process control is the use of information technology to monitor and control a physical process
Indicate whether the statement is true or false