Definition of "Substitution"
Babette A. Bodie, P.A., Real Estate Agent
Coldwell Banker Residential Real Estate - Tampa Westshore
In valuing real estate, substitution is the principle that the market value of a property can be relatively accurately estimated by determining market value of similar properties in the general vicinity. Thus, by substitution, an appraiser can ascertain the market value of a piece of comparable units in the neighborhood sold in the recent past.
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