Which two terms are synonymous and are defined as the amount of rent typical for properties that are comparable to the subject property?

The two terms that are synonymous and defined as the amount of rent typical for properties comparable to the subject property are economic rent and market rent.

Economic rent refers to the rental income that a property could potentially generate in the open market, based on the current conditions and comparables. It reflects the competitive rates for similar properties in the area and serves as an important indicator when assessing the fair market value of a property.

Market rent is a term that specifically describes the amount of rent that a property can command in the current market based on the characteristics of comparable properties, including location, size, amenities, and the state of the real estate market. Essentially, market rent is an assessment of what similar properties are renting for at a particular time.

Both economic rent and market rent focus on prevailing rental conditions and provide a standard for evaluating a subject property's rental value against its peers, thus allowing for informed appraisals and investment analyses. Recognizing this relation is crucial for appraisers when determining property value, as renting trends and comparable data are essential components of the evaluation process.

Other terms in the options do not have the same definition or applicability as economic rent and market rent. For instance, contract rent refers to the specific rental payment agreed upon in a lease, and