A Comparable Property, or Comp, is a property used as a reference to estimate the value of another property, often used in real estate appraisals and market analyses.
Understanding Current Value in Real Estate, Finance, and Investment Contexts
Mass Appraisal is the standardized process of valuing a group of properties, often utilized by government agencies for taxation purposes.
The Appraisal Institute is a global organization comprised of real estate appraisers that offers prestigious designations such as MAI, SRA, and SRPA to its members. It is dedicated to advancing professionalism, ethics, methodologies, and practices among real estate appraisal professionals.
Learn about COMPS, short for Comparables, an essential term in real estate appraisal used to determine property value by comparing it to similar properties.
In real estate appraisal, incurable depreciation refers to a defect in the property where the cost of correction exceeds the benefit gained from the repair, making the expenditure uneconomical.
