Real estate appraisal is often considered more art than science, since identifying truly comparable properties is a subjective process. Therefore, it is essential that a comparable property transaction at least meets the requirement that it was fairly negotiated under typical market conditions. Which of the following types of transactions would be most appropriate for use in the sales comparison approach to valuation?
A) commingled business transactions
B) low-interest financing programs
C) real estate auctions
D) arms-length transactions