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27 December, 00:58

A property is being appraised using the gross rent multiplier. A comparable property that rents for $150 per month recently sold for $24,000. If the property being appraised will rent for $165 per month, the sales price would be

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  1. 27 December, 01:24
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    The sales price of the appraised property is $26,400

    Explanation:

    The sales price of of the appraised property can be expressed as;

    SA = (A/C) * SC

    where;

    SA=selling price of the appraised property

    A=appraised rent per month

    C=comparable rent per month

    SC=selling price of the comparable property

    In our case;

    SA=unknown

    A=$165 per month

    C=$150 per month

    SC=$24,000

    replacing;

    SA = (165/150) * 24,000=$26,400

    The sales price of the appraised property is $26,400
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