What criteria must be met for a property to qualify as a comparable sale?

For a property to qualify as a comparable sale, it is essential that it shares similarities with the subject property in terms of location, size, and the timeframe of the sale. This ensures that the comparable property reflects market conditions that are relevant to the subject property and that the characteristics of both properties are alike enough to draw valid comparisons.

Similar location is crucial because real estate values can vary significantly from one area to another; properties in different neighborhoods may not represent appropriate benchmarks for each other's values. Size is also important, as it affects the usability and desirability of the property. Lastly, the sales timeframe is necessary because market conditions can change rapidly; properties sold too far in the past may not accurately reflect current market values due to fluctuations in demand or supply.

The other choices do not accurately represent the criteria for comparable sales. Properties that are different in location and size would not provide an accurate basis for comparison. A higher market value does not inherently qualify a property as a potential comparable; it must be in a similar range to provide a realistic comparison. Similarly, a decade-old sale would likely not reflect current market conditions and therefore wouldn't serve as a reliable comparable sale.