13-11.The method based on the premise that transaction prices of similar properties in the neighborhood are good indicators of value is:

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The market approach, also known as the sales comparison approach, is based on the premise that transaction prices of similar properties in the neighborhood are good indicators of value. This method involves comparing the subject property to similar properties that have recently sold in the area and adjusting for any differences in terms of location, size, age, and condition.

13-11The Method Based on the Premise That Transaction Prices of Similar