What type of differences are adjusted for between the subject and comparable properties during an appraisal?

The term "differences" is commonly used in the context of appraisals to refer to the various factors that distinguish the subject property from comparable properties. These differences can include aspects such as size, location, age, condition, features, and amenities. During the appraisal process, it's essential to identify and analyze these differences to make accurate adjustments to the comparative value of the subject property.

By focusing on the specific differences between the subject and comparables, appraisers can apply a more precise methodology for adjustment, ensuring that the final valuation reflects these variances accurately. Each adjustment made based on differences helps to hone in on the true market value of the subject property, considering how it stands in relation to similar properties in the market.

In contrast, the other terms presented do not typically capture the nuances required in the appraisal context. "Variances" may imply statistical or legal differences often related to zoning or regulations; "disparities" may suggest a broader context of inequality rather than specific appraisal adjustments; and "inconsistencies" could relate to erratic data or values rather than the structured comparison between properties. Thus, the use of "differences" aligns precisely with the appraisal function of adjusting values based on specific property characteristics.