substitution
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substitution
In appraisal,the principle that the value of property may be determined by examining the sales prices of similar properties sold in the past.The theory is that a buyer would be indifferent to the substitution and either property would be acceptable.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.