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Sales Comparison Approach
In appraising, the method of estimating value based on comparing other similar properties which have already sold to the property being appraised (subject property). This is the most common method of valuation of residential properties (and vacant land), when comparable sales data are available. (Previously referred to as the market approach.)
Second Mortgage
A mortgage which ranks after a first mortgage in priority.
Professional designation as a member of the Appraisal Institute, a national professional organization of real estate appraisers. This designation is held by appraisers who are experienced in the valuation of various residential properties, including residential income properties of up to and including four units.
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