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主持人语：从本辑开始我们将逐步介绍市场途径。
The sales comparison approach is a comparative approach to value that considers the sales of similar or substitute properties and related market data and establishes a value estimate by processes involving comparison. The sales comparison approach is most useful when a number of similar properties have recently been sold or are currently for sale in the subject property抯 market. Using this approach, an appraiser produces a value indication by comparing the subject property with similar properties, called comparable sales. A major premise of the sales comparison approach is that the value of a property is related to the prices of comparable properties.The sales prices of the properties that are judged to be most comparable tend to indicate a range in which the value indication for the subject property will fall.
市场途径（直译为销售比较途径——译者）是运用比较进行评估的方法，它通过研究相似或可替代的资产的交易情况和相关市场数据，使用包括比较等评估程序进行价值估计。如果有一些与评估对象类似的资产最近发生交易或目前正在评估对象的市场上销售，销售比较法是最为有效的。运用这种方法时，评估师将评估对象与相似资产（称为参照物）进行比较，从而得出一个价值指标。销售比较法的一个重要前提是资产的价值与参照物价格相关。被认为最具可比性的资产销售价格通常形成一个区间，评估对象的价值指标将落在这个区间内。
The comparative techniques of analysis applied in the sales comparison approach are fundamental to the valuation process. The appraiser estimates the degree of similarity or difference between the subject property and the comparable sales by considering various elements of comparison, including but not limited to variations in the following: property right appraised, the motivations of buyers and sellers, financing terms, market condition at the time of sale, size, location, physical characteristics, economic characteristics. Elements of comparison are tested against market evidence to estimate which elements are sensitive to change and how they affect value.
市场途径中的比较分析技术构成评估程序的基础。评估师考虑各种比较因素，估测评估对象与参照物之间的相似程度或差异程度，这些比较因素包括但不限于下列变量：被评估的资产权益，买卖双方的动机，融资条件，交易时的市场条件，规模，地点位置，物理特征，经济特征。比较因素通过市场证据进行测试，从而判断哪个因素对变化较为敏感以及它们如何影响价值。
Dollar or percentage of adjustments are then applied to the (known) sale price of each comparable property to derive an indicated value for the subject property. Through this comparative procedure, the appraiser renders an opinion of the value that was defined in the problem identification as of a specific date.
随后每个参照物的已知交易价格需要进行金额或比例调整，以确定评估对象的价值结论。通过这个比较程序，评估师形成评估业务基本事项明确过程中定义的某一特定时点的价值意见。
本期词汇:
The sales comparison approach. （销售比较途径）
The Sale comprision approach（销售比较途径）与Comparable sales Method（可比交易法）、Market Approach（市场途径）、Market comparison approach（市场比较途径），Direct market comparison method(直接市场比较法)在概念上无本质差别，都是指与成本途径、收益途径相对应的市场途径。
Comparable sales.可比交易，参照物
Problem identification.明确评估业务基本事项。在英美等国评估理论中，problem identification是一个十分重要的环节。评估师接受委托，首先是要与客户明确所需要解决的问题，包括评估目的、基准日、价值类型、期望用途、重要假设和限制条件等，这一环节统称problem identification,意译为明确评估业务基本事项。评估师将在此基础上评价风险，决定是否承接业务，启动以后各项评估程序。
The sales comparison approach is a comparative approach to value that considers the sales of similar or substitute properties and related market data and establishes a value estimate by processes involving comparison. The sales comparison approach is most useful when a number of similar properties have recently been sold or are currently for sale in the subject property抯 market. Using this approach, an appraiser produces a value indication by comparing the subject property with similar properties, called comparable sales. A major premise of the sales comparison approach is that the value of a property is related to the prices of comparable properties.The sales prices of the properties that are judged to be most comparable tend to indicate a range in which the value indication for the subject property will fall.
市场途径（直译为销售比较途径——译者）是运用比较进行评估的方法，它通过研究相似或可替代的资产的交易情况和相关市场数据，使用包括比较等评估程序进行价值估计。如果有一些与评估对象类似的资产最近发生交易或目前正在评估对象的市场上销售，销售比较法是最为有效的。运用这种方法时，评估师将评估对象与相似资产（称为参照物）进行比较，从而得出一个价值指标。销售比较法的一个重要前提是资产的价值与参照物价格相关。被认为最具可比性的资产销售价格通常形成一个区间，评估对象的价值指标将落在这个区间内。
The comparative techniques of analysis applied in the sales comparison approach are fundamental to the valuation process. The appraiser estimates the degree of similarity or difference between the subject property and the comparable sales by considering various elements of comparison, including but not limited to variations in the following: property right appraised, the motivations of buyers and sellers, financing terms, market condition at the time of sale, size, location, physical characteristics, economic characteristics. Elements of comparison are tested against market evidence to estimate which elements are sensitive to change and how they affect value.
市场途径中的比较分析技术构成评估程序的基础。评估师考虑各种比较因素，估测评估对象与参照物之间的相似程度或差异程度，这些比较因素包括但不限于下列变量：被评估的资产权益，买卖双方的动机，融资条件，交易时的市场条件，规模，地点位置，物理特征，经济特征。比较因素通过市场证据进行测试，从而判断哪个因素对变化较为敏感以及它们如何影响价值。
Dollar or percentage of adjustments are then applied to the (known) sale price of each comparable property to derive an indicated value for the subject property. Through this comparative procedure, the appraiser renders an opinion of the value that was defined in the problem identification as of a specific date.
随后每个参照物的已知交易价格需要进行金额或比例调整，以确定评估对象的价值结论。通过这个比较程序，评估师形成评估业务基本事项明确过程中定义的某一特定时点的价值意见。
本期词汇:
The sales comparison approach. （销售比较途径）
The Sale comprision approach（销售比较途径）与Comparable sales Method（可比交易法）、Market Approach（市场途径）、Market comparison approach（市场比较途径），Direct market comparison method(直接市场比较法)在概念上无本质差别，都是指与成本途径、收益途径相对应的市场途径。
Comparable sales.可比交易，参照物
Problem identification.明确评估业务基本事项。在英美等国评估理论中，problem identification是一个十分重要的环节。评估师接受委托，首先是要与客户明确所需要解决的问题，包括评估目的、基准日、价值类型、期望用途、重要假设和限制条件等，这一环节统称problem identification,意译为明确评估业务基本事项。评估师将在此基础上评价风险，决定是否承接业务，启动以后各项评估程序。