Chapter 8. THE SALES COMPARISON APPROACH. CHAPTER TERMS AND CONCEPTS. Adjustment techniques Assessment Roll Bracketing Buyer ’ s motives Central tendency Comparable sale Comparable sale search area. Competitive property Concessions Linear and multiple regressions Location Mean
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THE SALES COMPARISON APPROACH
List and explain the four steps in the sales comparison approach.
Explain the important concepts behind this approach.
Explain how to decide if a sale is comparable.
Discuss what information about a comparable sale should be collected.
Identify the major sources of market data.
Outline the statistical techniques appraisers can use to analyze sales.
• The importance of substitution
• The simplicity of market comparisons
• The relationship to statistics
• The relevance of adjustments
• The significance of market data
Samples Market Activity
Identifies Market Patterns
Brackets the Value
Indicates the Most Probable Price