Sale A occurred how many years ago in the riverfront comparison?

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Master the Mckissock General Appraiser Sales Comparison Approach Test with comprehensive quizzes and explanations. Enhance your skills in the appraiser profession and pass your exam with confidence!

Multiple Choice

Sale A occurred how many years ago in the riverfront comparison?

Explanation:
Time is a factor in the Sales Comparison Approach because market conditions change over time, and you adjust each sale to the subject date. To find how many years ago a sale occurred, you compare the sale date with the appraisal’s effective date. The riverfront data shows Sale A closed three years before the effective date, so it occurred three years ago. That time gap is why you’d apply a time adjustment to reflect the market conditions from Sale A to the present date. If Sale A had been closer in time, the adjustment would be smaller; if further back, the adjustment would be larger.

Time is a factor in the Sales Comparison Approach because market conditions change over time, and you adjust each sale to the subject date. To find how many years ago a sale occurred, you compare the sale date with the appraisal’s effective date.

The riverfront data shows Sale A closed three years before the effective date, so it occurred three years ago. That time gap is why you’d apply a time adjustment to reflect the market conditions from Sale A to the present date. If Sale A had been closer in time, the adjustment would be smaller; if further back, the adjustment would be larger.

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