Sales Comparison Approach Appendix F-1: URAR Reference Guide Page 219 of 375 Version 1.3 General Information The General Information subsection always displays on the sales comparison grid. Sales Comparison Approach: General Information Report Field ID Report Label When Row Displays When to Include for each Comparable Allowable Answers / Format Origin of Subject Property Information Adjustable Row Definition / Additional Guidance 22.01.16 Comparable # Always Always required 1, 2, 3 ... Sales Comparable # is only applicable to comparables No Sales Comparable #

14 7. Comparable Weight UAD 3.6 now captures the Comparable Weight data field in the Sales Comparison Approach section. Given that this now populates on the sales grid, it is essential for any commentary included within the Reconciliation of Sales Comparison Approach subsection to align with the Comparable Weight that was reported. Below is an example of familiar UAD 2.6 “canned commentary” that does not align with what was reported on the sales grid:

THIRD EDITION Sale Terms — The amount of down payment, the interest on the mortgage, and information on points and other fees involved in a real estate sale. Also called Terms of Financing or F inancing Terms. Sales Chasing — 1) The practice of using the sale of a property to trigger a reappraisal of that property at or near the selling price. Use of the Mann-Whitney test can determine whether sales chasing occurs. If sales with such appraisal adjustments are used in a ratio study, the practice causes invalid uniformity results and causes invalid appraisal level results, unless similar unsold parcels are reappraised by a method that produces an appraisal level for unsold properties equal to the appraisal level of sold properties; and 2) By extension, any practice that causes the analyzed sample to misrepresent the assessment performance for the entire population as a result of acts by the assessor’s office. A subtle, possibly inadvertent, variety of sales chasing occurs when the recorded property characteristics of sold properties are differentially changed relative to unsold properties. Then the application of a uniform valuation model to all properties results in the recently sold properties being more accurately appraised than the unsold ones. See Mann-Whitney Test. Sales Comparison Approach — One of three approaches to value, the sales comparison approach estimates a property’s value (or some other characteristic, such as depreciation) by reference to comparable sales. The sales comparison approach compares recently sold properties to the subject property. Adjustments are made to comparable properties to reflect the characteristics of the subject property. Sales Data — 1) Information about the nature of the transaction, the sale price, and the charac- teristics of a property as of the date of sale; and 2) The elements of information needed from each property for some purpose, such as appraising properties by the direct sales comparison approach. Sales File — A file of sales data. See Sales Data. Sales Ratio/Assessment Ratio — The ratio of an appraised (or assessed) value to the sale price or adjusted sale price of a property. Sales Ratio Study — A ratio study that uses sale prices as benchmarks for market values. A rela- tionship between sales prices and value (market value, assessed value, equalized value), that is used to measure the level of appraisal. Used to evaluate the effectiveness of assessment practices, reap- praisals, or revaluations. Sales Tax — A tax