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IV. MARKET COMPARISON APPROACH TO VALUE 
A.  Basic Methodology 
The basic concept of the market comparison approach   is  to 
search for properties which might have served the same uses as 
that ascribed as best  use  for   the  subject  property  to  be 
appraised  on  the  principle   that  buyers will tend to pay as 
top price only as much as  they  would   have  had  to  pay  for 
reasonable  substitutes--a  presumption   about  behavior  often 
referred to in the textbooks as the principle of   substitution. 
There  are  three major conditions for executing this otherwise 
plausible task: 
1. There   is an orderly market for parcels of singular 
scenic  quality   and   other    wilderness   attributes 
producing  transactions at arms length without recourse 
to eminent domain. 
2. There is adequate information to adjust sale prices 
of  transactions  meeting   the  first   condition   for 
external  factors such as time of sale, financial terms 
and custom conditions short  of a    cash  sale  in  fee 
simple, and   that the appraiser can exercise judgement 
in  the  application  of  reasonable  adjustments    for 
differences in location or imbalances in the market to 
the degree that these differences are   unique  to  only 
some of the comparables. 
3. There is a common   denominator   for  comparison  of 
sales   once adjusted   for  condition  two  that will 
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