Uspap opinion of value - Study guides, Class notes & Summaries

Champions School Principles of Real Estate II Latest Update Graded A+ Appraisal An Appraiser's opinion of value Principle of conformity Suggests that value is maximized when there is reasonable degree of homogeneity, or sameness, in a neighborhood USPAP Uniform Standards of Professional Appraisal Practice Uniform Standards of Professional Appraisal Practice Standards that have been established by the Appraisal Standards Board of the Appraisal Foundation Ad Valorem According to...

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 land value 6. est. value by all three approaches 7. Reconcile est. value into final opinion value 8. report the final opinion defining problem - Identification and location of the real estate Identi...

Sales Comparison Approach McKissock ClassWhat is created in the mind of an individual or market participant? - correct answer Value What is the motivation of an individual, group of persons, or business entity involving the purchase of an item? - correct answer Desire As the term applies to appraisal, transferability refers to the number of goods and services that can be purchased with a unit of currency. (T/F) - correct answer True What does not include physical mobility, but rather th...

Appraisal - The act or process of developing an opinion of value of an asset. The asset in question could be anything from fine art to machinery and equipment, or even a specific type of business. - An appraisal is someone's opinion, rathe than an undeniable fact The Uniform Standards of Professional Appraisal Practice - What does USPAP stand for? highlight the ethical codes that valuation professionals must follow. It requires that appraisers "collect, verify, and analyze all info...

Basic Appraisal Procedures McKissock Questions and Answers 100% Solved 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 land value 6. est. value by all three approaches 7. Reconcile est. value into final opinion value 8. report the final opinion defi...

Functional obsolescence - Answer- Refers to the loss in desirability of the style, layout or function of an element of a property over time Sales comparison - Answer- best indicator of value for existing properties highest and best use - Answer- the legal use for property that gives the greatest return in money and/or amenities external obsolescence - Answer- the loss in value of a property caused by factors outside the property itself principle of contribution - Answer- suggests the...

Sales Comparison Approach McKissock Class Question and answers already passed Sales Comparison Approach McKissock Class What is created in the mind of an individual or market participant? - correct answer Value What is the motivation of an individual, group of persons, or business entity involving the purchase of an item? - correct answer Desire As the term applies to appraisal, transferability refers to the number of goods and services that can be purchased with a unit of currency. (T...

Basic Appraisal Procedures Mckissock 100% Correct 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 land value 6. est. value by all three approaches 7. Reconcile est. value into final opinion value 8. report the final opinion defining problem Identification and location of...

Basic Appraisal Procedures Questions and Answers 100% Correct 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 final opinion of value 8) Report the final opinion of value Defining the Problem: 6 Sub-steps within -Identification and location of the real estat...

Absentee Owner - A property holder who does not reside on the property and who usually relies on a property manager to manage the investment. Appraisal - The process of developing and communicating an estimate of a property's Appraiser - Appraisers charge a fee based on the time and difficulty of the appraisal assignment and are not paid commission. Broker Price Opinion (BPO) - A broker's written opinion of the value of a particular property that may not be used in connection with the or...