In a property appraisal, what is considered a "subject property"?

The term "subject property" specifically refers to the property that is currently being appraised to determine its value. In the context of an appraisal, this is the focal point of the evaluation process. The appraiser analyzes various aspects of the subject property, including its condition, location, and features, to arrive at a value estimate.

While the other choices may relate to property comparisons or transactions, they do not define what a "subject property" is. For instance, properties being compared to the subject or those that have recently sold might be used to provide context or set benchmarks during the appraisal process, but they are not directly relevant to the definition of the subject property itself. Additionally, a property that is not for sale does not negate its status as the subject property when appraised; it merely indicates its market position. Thus, understanding that the subject property is specifically the one under evaluation is crucial for appraisers and stakeholders involved in real estate transactions.