What type of property is defined as any property that has sold and is similar enough to inform the value of a subject property?

The correct answer is defined as "comparable" property because it specifically refers to properties that have similar characteristics and have sold recently, making them useful in determining the market value of another property. In real estate appraisal, comparable properties are vital in establishing a benchmark for pricing. They help appraisers and real estate professionals assess how much a subject property should be valued based on the sales data of these similar properties.

While the term "comparable properties" could also be considered closely related, in the context of the question, the simpler term "comparable" effectively captures the essence of the concept, focusing on the characteristics that align to establish value. The other terms, such as "common elements" and "community property," pertain to different aspects of property law and do not relate to the valuation of real estate through similarities in sales characteristics.