Real Estate Appraising

Question 1

What does market value mean?

Answer 1

According to the Appraisal Institute, it is the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus

Question 2

What is the sales comparison approach? (Resi Appraisals)

Answer 2

According to the Appraisal Institute, this approach uses comparable sales that are locationally, physically, and functionally the most similar to the subject property