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Appraisal is ........ p.1 - the process of estimating the value of specific property at a stated time and place. Which prerequisites are required for goods to have value? pgs 1-2 - Capacity for private ownership, Demand or effective purchasing power, scarcity, utility Market value, the price tha...

In a particular market, there is a demand for 500 houses per year, and there are currently 1,500 houses for sale. What does this most likely indicate? - there is a three-year supply of homes currently for sale "A business arrangement in which two or more persons jointly own a business and share ...

4 factors of value - - Utility - Scarcity - Desire - Effective Purchasing Power 4 Factors of Production - - Capital - Entrepreneurial Coordination - Land - Labor Forces that influence real property markets - - Social Forces - Economic circumstances - Governmental controls and regulations ...

True or False? When developing an opinion of site value of an improved property, an appraiser needs to consider the highest and best use of the property as though vacant. - TRUE When developing an opinion of highest and best use, what is the final criteria that is applied? - maximally productive ...

Appraisal Review - The act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal, appraisal review, or appraisal consulting assignment Appraisal - The act or process of developing an opinion of value; an opi...

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 the fi...

The most common heating systems in residential construction today are -hot water -heat pumps -forced warm air -electric radiant - hot water A _______________ home has a permanent steel chassis, wheels and axles

The transfer of money from low interest-bearing accounts to higher interest-bearing accounts is referred to as disintermediation recession surplus productivity profiteering - disintermediation

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 offered on the market...

grant deed - deed containing, or having implied by law, some but not all of the usual covenants of title Appraiser - One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. report - any communication, written or oral, of an app...

"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 data? - mortgage ...

The _____ has oversight authority over state appraisal boards. - ASC (Appraisal Subcommittee) Which of the below is a requirement of a valid real estate contract? - consideration, in writing and signed, and lawful objective "The interaction of buyers and sellers who trade long-term or intermedia...

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 the fi...

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; Identification of the pro...