When estimating property value using the comparative sales approach, what is the missing term in the formula: Value of comparable property (+) (-) ............ = estimate of value?

In the comparative sales approach to estimating property value, adjustments are necessary to account for differences between the subject property and comparable properties that have sold recently. When appraisers compare these properties, they must made specific adjustments to the value of the comparable properties to align their features and conditions with those of the subject property.

The term "adjustments" in the formula reflects these modifications. For instance, if the comparable property has a feature that the subject property lacks, such as a garage, the appraiser would subtract a quantified value from the comparable property’s sale price. Conversely, if the subject property has a superior feature, like a larger lot size, an adjustment may add value to the comparable sale price.

This concept ensures that the estimated value derived from comparable sales accurately reflects the market value of the subject property in its current state, taking into consideration the uniqueness of each property involved. Therefore, "adjustments" is the correct term that fits into the formula by acknowledging the need to modify the sale price of comparable properties based on differing characteristics, leading to a fair and realistic estimate of value for the subject property.