Direct answer
What does Sales comparison approach mean?
A valuation approach that compares the subject property with relevant sales and adjusts for differences.
Exam cue: Adjust comparable evidence to reflect how market participants respond to differences.
What does it look like in a question?
New York example
An appraiser reconciles several adjusted sales to estimate the subject's value.
Common exam trap
What should you not confuse it with?
The method does not simply average every nearby sale.
Related valuation terms
AppraisalAn opinion of value developed by a qualified appraiser for an identified use, property interest and effective date.CapitalizationThe process of converting income into an indication of value.ComparableA property used as market evidence because it is sufficiently similar to the property being analyzed.Comparative market analysisA broker's analysis of relevant market data to help a seller or buyer consider a probable price range.Cost approachA valuation approach that adds land value to the depreciated cost of the improvements.DepreciationA loss in property value from physical deterioration, functional obsolescence or external obsolescence in appraisal.
Sources used2 references with section locators
The curriculum citation confirms exam scope. Definition and rule citations support the explanation itself. Links and locators were checked on August 26, 2026.
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