Which of the following would NOT be a tangible difference between the subject property and a comparable sale?

• A. Market conditions
• B. Location
• C. Physical characteristics
• D. Age of the property

Answer: (A)

Differences that change value come from attributes you can observe in or about the property itself. Location is a tangible attribute because where the property sits affects value through neighborhood desirability and access. Physical characteristics cover the visible, measurable features like size, layout, rooms, and overall condition. Age reflects how long the property has existed and can influence depreciation or modernization needs; all of these are inherent to the property.

Market conditions, on the other hand, describe the broader real estate environment at a point in time. They’re external to the property and affect value generally, not because of a particular feature of the subject or the comparable. In the sales comparison approach, market conditions are addressed with a time adjustment to reflect differences in market strength between sale dates, not as a tangible attribute of the property itself.

So market conditions would not be a tangible difference between the subject property and a comparable sale.