Florida Real Estate Practice Exam

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In the sales comparison approach to appraising a home, what should be prioritized first?

  1. Location

  2. Market conditions

  3. Conditions of sale

  4. Physical characteristics

The correct answer is: Market conditions

The sales comparison approach is a method used to appraise a property by comparing it with other similar properties that have recently been sold. Market conditions should be prioritized first because they affect the value of a property more than the other options. Location, while important, can vary in terms of desirability and therefore may not always be the most important factor. Conditions of sale and physical characteristics can also play a role but can be adjusted or accounted for in the appraisal process. Market conditions, on the other hand, are external factors that can significantly impact the overall value of a property. Therefore, they should be the first consideration in the sales comparison approach.

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