When you put together an adjustment grid, the "accepted" method of structuring it is to have two "segments" in the grid.

The first segment is for the "transactional adjustments" such as sales concessions, market conditions, conditions of sale, expenses by the buyer immediately following purchase, etc.  These adjustments are to remove any unique elements in the transaction related to the parties or the timing of the transaction.

The second segment is for the "property characteristics" such as location, zoning, shape, utilities, size, etc.  These assume that the transaction occurred on the effective date and was totally "normal" because the first "segment" of adjustments have removed the elements of time and parties involved.  These second segment adjustments then are made to the comparable to make the physical characteristics similar to the subject physical characteristics.

Now in the first segment, there is an accepted sequence of the adjustments and each of these adjustments are made based on the adjusted price of the immediately preceding adjustment.  These Transactional Adjustments, in the proper sequence, are:

Real property rights conveyed
Financing terms
Conditions of sale
Expenditures made immediately after purchase
Market conditions

So if a sale price was $100,000 and the financing adjustment was +$2000, the adjustment after that adjustment would be $102,000.  If then the expenditures adjustment was +5,000, then that adjustment would be made to the $102,000 and result in $107,000 because the subsequent adjustment was made to the immediately preceding adjustment result.

In the second segment, however, the adjustments are all based on adjusted price at the end of the first segment - the Transactional Adjustments.

So if you ended the first segment of adjustments with $107,000 adjusted price, the adjustments for property characteristics would all be based on this $107,000 adjusted price after the transaction adjustments.

The second segment adjustments include, but are not limited to, the following:

Location
Physical characteristics – such as location, access, utilities, shape, size, etc.
Economic characteristics – lease structure, property tax rate difference, etc.
Use
Non-realty components of value

So if you have a location of adjustment of +3% and a size adjustment of -10%, then an access adjustment of +2% you would add the percentages up, considering the positive and negative signs, and end up with a -5% net adjustment for property characteristics.  That net percentage adjustment could then be applied to the $107,000 price and result in an adjusted price of $101,650 in our example.

If you are using dollar adjustments instead of percentage adjustments, the same principle would apply.  You would add the positive and negative dollar adjustments in the second segment on the grid and add or subtract the resulting net dollar adjustments to the $107,000 in our example.

So the principle is that the Transactional adjustments are applied in the proper sequence each to the immediately preceding adjusted price.  The Property Characteristics adjustments are applied in aggregate to the adjusted price resulting from the transactional adjustments.

Now if you are familiar with the URAR 1004 Fannie Mae form, you will note that these two segments are not recognized nor followed in that form.  It puts the location adjustment above the real property rights adjustment which is out of sequence.  The rest of the sequence is in the correct order but that form does not include the other transactional adjustments.  It apparently assumes that you have made those adjustments before putting the price in at the top of the column.  If you do that, then you would obviously need to include an explanation in a narrative addendum in the report.

So you need to be careful when you use that form, or any form, to be sure that the form follows "accepted methodology" and if it does not you need to modify or augment the form to make it comply with both accepted methodology and with  USPAP.