Which term is used for a property that is similar in characteristics to the subject property in an appraisal?

In the context of an appraisal, the term "comparable" is used to refer to properties that possess similar characteristics to the subject property being evaluated. This includes aspects such as location, size, age, condition, and features. Appraisers rely on comparables to establish a fair market value for the subject property by analyzing the sale prices of these similar properties.

In the appraisal process, identifying appropriate comparables is critical because it ensures that the value reflects what potential buyers might pay for a property having similar attributes. The accuracy of this analysis directly influences the appraisal outcome, making comparable properties an essential part of determining the value.

Other terms listed do not fit the context of real estate appraisal in the same way. Common elements usually refer to shared areas or features in condominiums or planned developments. Community property pertains to property ownership laws in some jurisdictions, typically concerning marital assets. Commission refers to the payment made to real estate professionals for their services, not to the properties themselves. Thus, "comparable" is the term that aligns with the context of property appraisal.