BASIC APPRAISAL PROCEDURES PACKAGE DEAL

Valuation process - ️️A systematic procedure used in the valuation of real property. Client - ️️The party or parties who engage, by employment or contract, an appraiser in a specific assignment. Steps in Defining the problem - ️️Identification and location of the real estate; Ident...

"The age of property that is based on the amount of observed deterioration and obsolescence it has sustained" is the definition of ____________ age. - ️️effective In what type of heating system would you find an expansion tank? - ️️hot water Which of the following would be general da...

"The estimated cost to construct, at current prices as of the effective appraisal date, an exact duplicate or replica of the building being appraised, using the same materials..." is the definition of _______________ cost. - ️️reproduction Footings need to be _______________ below average f...

Valuation Process - ️️Systematic set of procedures an appraiser follows to provide answers to a clients questions about real property value Appraisal Process - ️️1. Define Problem 2. Determine scope of work 3. Gather Record & verify dat 4. determine highest and best use 5. estimate la...

8 Steps in the Valuation Process - ️️1) Define the problem 2) Determine scope of work 3) Gather, record and verify the data 4) Determine the highest and best use 5) Estimate the land value 6) Estimate value by each of the 3 approaches (if applicable) 7) Reconcile the estimated values into ...

Assumption - ️️That which is taken to be true Effective Date - ️️The context for the appraiser's opinions and conclusions. Effective dates can be current, retrospective, or prospective Exposure Time - ️️Estimated length of time a property interest being appraised would have been o...

When developing an appraisal, you calculate the following GRMs for comparable properties: 94.3, 90.1, 95.6, 109.2, 84.5, 100.7, 99.9. What is the mean of the GRMs? - ️️96.3 "The process of valuing a universe of properties as of a given date using standard methodology, employing common data, ...

When developing an appraisal, you calculate the following GRMs for comparable properties: 94.3, 90.1, 95.6, 109.2, 84.5, 100.7, 99.9. What is the mean of the GRMs? - ️️96.3 "The process of valuing a universe of properties as of a given date using standard methodology, employing common data, ...

- ️️An entrepreneur is taking on a development project, and by his calculations, he expects to receive a 25% return on his investment in the project. This 25% figure represents $252,000 - ️️The subject is a 15 year old duplex that would cost $240,000 to build new today. It is in good cond...

If a cost manual is used, the result is _____________ cost. - ️️replacement What type of framing became popular in the 1800s with the advent of the steam-powered sawmill? platform frame balloon frame log frame post and beam - ️️balloon frame Details about the property being appra...

Site - ️️Land that is improved so that it is ready to be used for a specific purpose Separate Site Valuations - ️️Cost approach Assessments and taxation Condemnation appraisals Certain income capitalization methods Highest and best use analysis Cost Approach (summation approach) - ...

"The age of property that is based on the amount of observed deterioration and obsolescence it has sustained" is the definition of ____________ age. - ️️effective In what type of heating system would you find an expansion tank? - ️️hot water Which of the following would be general da...

True or False: The effective date of the valuation must be the date on which the appraiser inspected the subject property. - ️️FALSE In many cases, the effective date is the date the appraiser inspects the subject property. But that is not always the case. The effective date can be any date, ...

Client - ️️The individual, group or entity who engages a valuer to perform a Service Extraordinary Assumption - ️️An assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser's opinion...