Special and Emerging Appraisal Techniques Flashcards

Automated valuation model (AVM)

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Terms in this set (8)

Automated valuation model (AVM)

A computer program that eliminates the shortcomings of manual property appraisal and provides a reasonable estimate of the true current value of the property

A map that shows the boundaries and dimensions of the property and the location of all improvements to the land, such as buildings, driveways, patios, walks, etc.

De minimus planned unit development (de minimus PUD)

A type of fee simple ownership of a home with a partial interest in a nearby property that is owned together with neighbors

Bifurcated appraisal

An appraisal method in which one appraiser is the sole owner of the traditional appraisal, and two people split the appraisal; also known as a hybrid appraisal

Income approach

Calculates the potential future income to determine the present value; best used for income-generating properties

A method of valuation based on the cost to replace or reproduce a property; best used with unique properties when finding a replacement value; the cost of property improvements is added to the land's value

Sales comparison approach

Compares the subject property to recent sales of similar properties; best used with residential single-family homes.

Planned unit development (PUD)

A mix of land uses, such as residential and commercial, in one contained development