Which of the following is a feature of the sales comparison method?

The sales comparison method is a valuation approach primarily used in real estate that emphasizes current market sales as a basis for determining property values. This method involves evaluating comparable properties that have recently sold in the same market to establish a value for the subject property. By analyzing these sales and accounting for differences in property characteristics, such as size, location, and condition, appraisers can derive a more accurate and relevant market value.

The emphasis on current market conditions reflects the principle of substitution, which posits that a buyer will pay no more for a property than the cost of acquiring an equivalent substitute. Therefore, relying on the most recent sales data provides a snapshot of the current market dynamics and trends, which is crucial for accurate appraisal.

While the other options may involve aspects of property valuation, they do not align with the sales comparison method's focus. Historical rental income would pertain more to income approaches, construction costs relate to the cost approach, and tax assessments do not reflect current market activities or value trends. This distinction solidifies the emphasis on current market sales as the defining feature of the sales comparison method.