The Sales Comparison Approach to Property Valuation

Instructions:

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question 1 of 3

How does the sales comparison approach estimate property value?

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1. A comparable home has a property value of $200,000. It has an extra bedroom compared to the subject. The appraiser estimates this accounts for a $15,000 difference in value between the two properties. The subject property has a larger garage, which is worth an extra $2,000 in value. Considering these factors, what is the subject's adjusted property value?

2. Which of the following is not likely a factor for an adjustment in looking at comparable sales?

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About This Quiz & Worksheet

The quiz and worksheet will cover the comparable sales approach in real estate. Test what you know about this subject with questions on how this sales approach works and what it means for buyers and sellers.

Quiz & Worksheet Goals

These study assessments will help you to:

  • Understand how property value is estimated by the sales comparison approach
  • Assess a subject's adjusted property value for a given scenario
  • Recognize factors of adjustments for comparable sales
  • Determine how a sales comparison approach refers to the purchase of a property
  • Identify a limitation of the comparable sales approach

Skills Practiced

Use the quiz and worksheet to:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on the comparable sales approach in real estate
  • Making connections - use understanding of the concept of the purchase of a property and how it is connected to a sales comparison approach
  • Knowledge application - use your knowledge to answer questions about sales comparison approach

Additional Learning

Use the lesson entitled The Sales Comparison Approach to Property Valuation to learn more. The lesson will adhere to the subsequent study goals:

  • Define comparative sales approach
  • Explain subject with regard to property
  • Understand comparables
  • Recognize how values are adjusted
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