Which of the following adjustments is NOT acceptable in the Sales Comparison Approach?

The Sales Comparison Approach is a widely used method in real estate appraisal, where sales data from comparable properties are analyzed to determine the value of a subject property. Adjustments may be necessary to account for differences between the subject property and the comparables, and these adjustments can take various forms.

The term "hybrid" in the context of adjustments is typically not recognized as a standard approach in the Sales Comparison Approach. This option indicates a blending of different adjustment methods that may not fit neatly within the established practices of the appraisal process. In contrast, cumulative percentage, fixed dollar amount, and multiplicative percentage are all legitimate and accepted methodologies for making adjustments to sales data in this approach.

Cumulative percentage adjustments involve applying multiple percentage adjustments to a sale, ensuring that incremental changes based on various factors (such as location, condition, etc.) are accounted for collectively. Fixed dollar amount adjustments assign a set monetary value to specific attribute differences, providing clarity in how adjustments affect value. Multiplicative percentage adjustments involve applying a percentage change to an aspect of a property's value multiplicatively, which is also a common and acceptable practice in the field.

Thus, “hybrid” stands out as the adjustment that is not acceptable, as it lacks clear guidelines and standardized application within the