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The Sales Comparison Approach is one of the most widely used approaches to determine value for residential, commercial, industrial, agricultural, and other properties. Due to its widespread use, a complete understanding of its procedures should be a requirement for every appraiser. The Sales Comparison Approach is relevant for most appraisal assignments because it is a direct reflection of the market and its dynamics. With proper analysis, this approach can provide a firm foundation for an opinion of value. The purpose of this course is to prepare you for the procedures and analysis involved in performing the Sales Comparison Approach in an appraisal assignment. Specifically, this course will provide a complete review of the Sales Comparison Approach, first defining the concept and key terms and then going into the exam procedure. Comparable sales will be discussed as well as the rules for making adjustments to comps and determining adjustment values. Through a variety of sample sales comparison activities, you will be able to apply your knowledge of the Sales Comparison Approach. Finally, we will discuss the differences between sales comparison appraisal and competitive market analysis.
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