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Question - Assume a comparable property sold three months ago for $350,000. Immediately after the property was purchased, the new owner replaced the roof at a cost of $20,000, which was equal to the cost expected by the buyer before purchase. Market values in the comparable's neighborhood have increased 1.5 percent during the three months since the sale. Assume no adjustments for property rights conveyed, financing, or conditions of sale are required.
Required -
a) What is the adjusted price of the comparable if the adjustment for the $20,000 roof expenditure is first?
b) What is the adjusted price if changes in market conditions/values is made first?
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