1.5.1.1. Sales Comparison Approach. The appraiser shall develop an opinion of the value of the land for its highest and best use, as if vacant and available for such use. In doing so, the appraiser’s opinion of value shall be supported by confirmed sales of comparable or nearly comparable lands49 having like optimum uses. Differences shall be weighed and considered to determine how they indicate the value of the subject land. Items of comparison shall include property rights conveyed, financing terms, conditions of sale, market conditions, location, and physical characteristics. The appraiser shall obtain adequate information concerning each comparable sale used and perform a comparative analysis to form a supported opinion of the market value of the subject property as if vacant. See Section 1.5.2 for a full discussion of the Sales Comparison Approach

49 For a discussion of what legally constitutes a comparable sale and the admissibility of comparable sales information, see Section 4.4.2.