Study sets matching "real estate appraisal"

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Study sets matching "real estate appraisal"

36 terms
REAL ESTATE : real estate appraisal
cost approach
sales comparison approach
income approach
reconciliation
estimate value by adding land value to reproduction or replac…
estimate value by comparing it to actual sales of similar pro…
capital of annual net income expected to be made during rest…
final step in appraisal process; combines all 3 methods to ge…
cost approach
estimate value by adding land value to reproduction or replac…
sales comparison approach
estimate value by comparing it to actual sales of similar pro…
Real Estate Appraisal Ch_16
appraisal
appraisal report
appraiser independence requirements
financial institutions reform, recover…
opinion of value based on supportable evidence and approved m…
an opinion of market value on a property given to a lender or…
fannie mae initiated it to avoid fraud that occured during th…
FIRREA requires that any appraisal used in connection with a…
appraisal
opinion of value based on supportable evidence and approved m…
appraisal report
an opinion of market value on a property given to a lender or…
33 terms
16 Real Estate Appraisal
appraisal
appraisal report
appraiser
AIR Appraiser Independence Requirements
opinion of value based on supportive evidence and approved me…
opinion of market value on a property given to lender or clie…
an independent professional trained to provide an unbiased op…
Fannie Mae initiated these requirements after financial crisi…
appraisal
opinion of value based on supportive evidence and approved me…
appraisal report
opinion of market value on a property given to lender or clie…
74 terms
16.Real Estate Appraisal
The Appraisal Foundation (TAF)
The work of TAF is completed by THREE…
State Licensed and Certified Appraisers
Florida has THREE license types for ap…
was founded in 1987 as a source for advancing professional st…
- The Appraiser Qualifications Board (AQB)... -The Appraisal Sta…
Although real estate professionals are empowered to perform a…
- Registered Trainee Appraiser ... - Certified Residential Appra…
The Appraisal Foundation (TAF)
was founded in 1987 as a source for advancing professional st…
The work of TAF is completed by THREE…
- The Appraiser Qualifications Board (AQB)... -The Appraisal Sta…
910 terms
Real Estate Appraisal
not misleading
party or issue
at completion of the assignment
credible
Appraisers must develop and communication their work in a man…
An appraiser must not advocate the cause or interest of any _…
At what point must an appraiser be competent regarding an app…
The appraiser must be prepared to demonstrate that the type a…
not misleading
Appraisers must develop and communication their work in a man…
party or issue
An appraiser must not advocate the cause or interest of any _…
68 terms
Real Estate Appraisal Final
USPAP
AQB
ASB
Appraiser Qualifications
Uniform Standards of Professional Appraisal Practice
Appraiser Qualifications Board
Appraisal Standards Board
3,000 hours of residential experience, no fewer than 30 month…
USPAP
Uniform Standards of Professional Appraisal Practice
AQB
Appraiser Qualifications Board
112 terms
Ohio Real Estate Appraisal
Appraisal (ch.1)
Appraisal Foundation (ch.1)
Appraisal Institutie (AI) (ch.1)
Appraisal Review (ch.1)
The act of process of developing an opinion of value; an opin…
A nonprofit organization, created by the leading appraisal or…
Professional organzationfoer appraisers; created in 1990 by t…
The act of process of developing and communication an opinion…
Appraisal (ch.1)
The act of process of developing an opinion of value; an opin…
Appraisal Foundation (ch.1)
A nonprofit organization, created by the leading appraisal or…
Real Estate Appraisal
Abstraction
Actual Age
Age - Life Method Depreciation
Anticipation
__ method of finding land value in which all improvement cost…
the number of years elapsed since the original structure was…
a method of computing accrued depreciation in which the cost…
the principle that the purchase price of property is affected…
Abstraction
__ method of finding land value in which all improvement cost…
Actual Age
the number of years elapsed since the original structure was…
30 terms
Real estate Appraisal questions
When using the market data approach, w…
Situs can best be defined as
Which approach to appraisal is best fo…
The income approach on a single-family…
Adjustments are made to the comparables to reflect difference…
Area of preference
Income
Gross rent multiplier (GRM)
When using the market data approach, w…
Adjustments are made to the comparables to reflect difference…
Situs can best be defined as
Area of preference
Missouri Real Estate Exam: Appraisal
appraisal
economic characteristics of value
demand
utility
the development of an opinion of a defined type of value for…
1. demand... 2. utility... 3. scarcity... 4. transferability... 5.DUST
the desire for a good backed by the ability to pay for the good
the total satisfaction received from consuming a good or serv…
appraisal
the development of an opinion of a defined type of value for…
economic characteristics of value
1. demand... 2. utility... 3. scarcity... 4. transferability... 5.DUST
20 terms
NJ Real Estate Appraising
Appraisal
Value
Value most commonly sought
Market Value
An estimate or opinion of value of an adequately described pr…
The worth of an item in money or goods at a certain time.
Market Value or Probable Sale Price
The most probable price a ready, willing and able buyer, not…
Appraisal
An estimate or opinion of value of an adequately described pr…
Value
The worth of an item in money or goods at a certain time.
38 terms
REAL ESTATE unit 18: real estate appraisal
cost approach
sales comparison approach
income approach
reconciliation
estimate value by adding land value to reproduction or replac…
estimate value by comparing it to actual sales of similar pro…
capital of annual net income expected to be made during rest…
final step in appraisal process; combines all 3 methods to ge…
cost approach
estimate value by adding land value to reproduction or replac…
sales comparison approach
estimate value by comparing it to actual sales of similar pro…
16 terms
Real Estate Review- Real Estate Appraisal
Sales Comparison Approach
Income Approach
Cost Approach
Progresssion
This is also called the "market data approach" and is frequen…
This is also called "capitalization approach" used for income…
This is used for appraising special purpose properties such a…
This principle states that the value of a more modest house i…
Sales Comparison Approach
This is also called the "market data approach" and is frequen…
Income Approach
This is also called "capitalization approach" used for income…
Real Estate Appraisal #1
Competition between
Substitution
4 types of return
Externalities
buyers-sellers, buyers-tenants (lessees)(both are users), sel…
used in all 3 approaches, ... Sales approach- utility(usefulne…
1. Cash Flows (most important)... 2. Equity build-up ... 3. Capital…
occur off the property, value doesn't occur in a vacuum, may…
Competition between
buyers-sellers, buyers-tenants (lessees)(both are users), sel…
Substitution
used in all 3 approaches, ... Sales approach- utility(usefulne…
19 terms
Real Estate Appraisal Terminology
Appraisal
Purpose of Appraisals
In order to have Market Value, it must…
Demand
An unbiased estimate or opinion of value based on supportable…
Loan purposes. Tax purposes. Establish market value in order…
The FOUR Essential Elements of Market Value; (D.U.S.T.) Deman…
The desire to acquire property combined with the economic pow…
Appraisal
An unbiased estimate or opinion of value based on supportable…
Purpose of Appraisals
Loan purposes. Tax purposes. Establish market value in order…
53 terms
Real Estate Appraisal
Appraisal
Appraiser
Market value
Market price
Assessment or estimation of worth or value if real estate
Person who gives the appraisal. Written report of value used…
Most probable price a property should bring
What the property actually sells for
Appraisal
Assessment or estimation of worth or value if real estate
Appraiser
Person who gives the appraisal. Written report of value used…
Real Estate Appraisal
Appraisal
Appraiser
BPO
Correlations - Reconciliation
An opinion of value based on supportable evidence.
Is an independent professional trained to provide an unbiased…
Brokers price opinion , used by lenders working with home equ…
Last step in an appraisal.
Appraisal
An opinion of value based on supportable evidence.
Appraiser
Is an independent professional trained to provide an unbiased…
54 terms
Real Estate Appraisal
appraiser
CAMA
AMC
Appraiser's compensation is based on?
provides an opinion of the value of real property
computer-assisted mass appraisal
appraisal management company
time taken
appraiser
provides an opinion of the value of real property
CAMA
computer-assisted mass appraisal
70 terms
Real Estate Appraisal
Appraisal
Value
Market Value
Price
the process of estimating or making an opinion on the market…
refers to what a willing buyer, not forced to buy, will pay,…
is the highest price in terms of money which a property will…
is the amount of money paid for a certain property regardless…
Appraisal
the process of estimating or making an opinion on the market…
Value
refers to what a willing buyer, not forced to buy, will pay,…
Real Estate Appraisal
market value
arm's length transaction
appraisal
informal appraisal
the cash price that a willing buyer and a willing seller woul…
a transaction in which the buyers and sellers of a product ac…
the estimate of the value of something
an estimate of value based on intuition
market value
the cash price that a willing buyer and a willing seller woul…
arm's length transaction
a transaction in which the buyers and sellers of a product ac…
112 terms
Ohio Real Estate Appraisal
Appraisal (ch.1
Appraisal Foundation (ch.1)
Appraisal Institutie (AI) (ch.1)
Appraisal Review (ch.1)
The act of process of developing an opinion of value; an opin…
A nonprofit organization, created by the leading appraisal or…
Professional organzationfoer appraisers; created in 1990 by t…
The act of process of developing and communication an opinion…
Appraisal (ch.1
The act of process of developing an opinion of value; an opin…
Appraisal Foundation (ch.1)
A nonprofit organization, created by the leading appraisal or…
64 terms
Real Estate Appraisal
Appraisal
Needs for appraisal
Value
Value
The process of estimating or making an opinion on the market…
Transfer of ownership... Financing and credit... Expropriation ... Bas…
The present worth of future benefits to a typical buyer.
Is the price the property will bring in a fair market, after…
Appraisal
The process of estimating or making an opinion on the market…
Needs for appraisal
Transfer of ownership... Financing and credit... Expropriation ... Bas…
107 terms
REAL ESTATE APPRAISAL
Ad Valoren Taxes
Advisory Opinions
Appraisal
Appraisal Practice
Taxation based on property value
Illustrate the application of the USPAP in particular situati…
An opinion on value
Valuation services performed by an individual acting as an ap…
Ad Valoren Taxes
Taxation based on property value
Advisory Opinions
Illustrate the application of the USPAP in particular situati…
85 terms
Real estate appraisal
Purpose of appraisal
fee simple ownership
Real property
Residual method
...
English law, a fee simple or fee simple absolute is an estate…
Real Property ... SHARE TWEET... What is 'Real Property'... Real prop…
Residual Value ... SHARE TWEET... What is the 'Residual Value'... How…
Purpose of appraisal
...
fee simple ownership
English law, a fee simple or fee simple absolute is an estate…
Real Estate- Real Estate Appraisal
What is the definition of appraisal?
What is the definition of "market valu…
True or False: Is an appraised vale a…
What are the appraiser's responsibilit…
The act of estimating real property value
the probable price which a property should bring in a competi…
False, it is an OPINION presumably based on fact
1. place themselves in the shoes of a probable buyer... 2. inves…
What is the definition of appraisal?
The act of estimating real property value
What is the definition of "market valu…
the probable price which a property should bring in a competi…
36 terms
Florida Real Estate Appraisal
Cost
Price
Value
Market Value
Amt expended to create improved property.
Intrinsic value. Amt actually paid in a RE transaction.
Monetary worth of a product or service.
Amt that should be paid for a property in a typical transacti…
Cost
Amt expended to create improved property.
Price
Intrinsic value. Amt actually paid in a RE transaction.
Real Estate Appraisal - by espedillarowena
Appraisal
Value
Value
Market value
The process of estimating or making an opinion on the market…
Refers to what a willing buyer not forced to buy will pay and…
Is the price of the property will bring in a fair market, aft…
Is the highest price in terms of money which a property will…
Appraisal
The process of estimating or making an opinion on the market…
Value
Refers to what a willing buyer not forced to buy will pay and…
Chapter 19 Real Estate Appraisal
anticipation
appraisal
appraiser
assemblage
The appraisal principle that holds that value can increase or…
An estimate of the quantity, quality, or value of something.…
An independent person trained to provide an unbiased estimate…
The combining of two or more adjoining lots into one larger t…
anticipation
The appraisal principle that holds that value can increase or…
appraisal
An estimate of the quantity, quality, or value of something.…
68 terms
Real Estate Appraisal Final
USPAP
AQB
ASB
Appraiser Qualifications
Uniform Standards of Professional Appraisal Practice
Appraiser Qualifications Board
Appraisal Standards Board
3,000 hours of residential experience, no fewer than 30 month…
USPAP
Uniform Standards of Professional Appraisal Practice
AQB
Appraiser Qualifications Board
49 terms
Real Estate Flashcards - Appraisal
Market Value
Value
Price
Cost
The price a willing seller will sell for and a willing buyer…
An estimate of the future benefits to be derived from a prope…
What one must pay for a property - usually very close or equa…
An estimate of past expenditures
Market Value
The price a willing seller will sell for and a willing buyer…
Value
An estimate of the future benefits to be derived from a prope…
68 terms
Real Estate Appraisal Terminologies
Abstraction
Actual age
Age
Anticipation, Principle of
method of finding land value in which all improvement costs (…
the number of years elapsed since the original structure was…
life method of depreciation - a method of computing accrued d…
the principle that the purchase price of property is affected…
Abstraction
method of finding land value in which all improvement costs (…
Actual age
the number of years elapsed since the original structure was…
145 terms
Real Estate Appraisal
Real Estate
Appraisal
Real Estate Appraisal
What make Real Estate a unique commodi…
a particulate piece of land and anything that is permanently…
an opinion (or estimate) of value
an opinion of value for a piece of land and its attachments.
Immobility
Real Estate
a particulate piece of land and anything that is permanently…
Appraisal
an opinion (or estimate) of value
67 terms
Real Estate Appraisal final
Income Capitalization Approach
Income approach is based on:
When to use income approach:
Contract Rent
There is direct relationship between the income a property ca…
Anticiptation
-2-4 family homes or multi-family ... -Commercial properties... -Si…
Rent actually paid for by the tenant
Income Capitalization Approach
There is direct relationship between the income a property ca…
Income approach is based on:
Anticiptation
168 terms
Real Estate Appraisal Final
The general term value Means:
The goal of an appraisal is:
The two types of real estate appraisal…
Informal appraisals are performed:
The worth, usefulness, or utility of an object to someone for…
An estimate or opinion of value.
Formal and Informal.
By all consumers.
The general term value Means:
The worth, usefulness, or utility of an object to someone for…
The goal of an appraisal is:
An estimate or opinion of value.
5 terms
Real Estate Appraisal Regulations
Value Inc. is a federally regulated AM…
Greg Smith, a real estate lending offi…
In which of the following cases would…
If a bank uses a staff appraiser to ap…
The company must register with the State appraiser and certif…
No. Greg may not use the appraisal because the No. Greg may n…
On a $300,000 loan to Mr. Burch secured by his life estate in…
The appraiser is an employee in the commercial loan departmen…
Value Inc. is a federally regulated AM…
The company must register with the State appraiser and certif…
Greg Smith, a real estate lending offi…
No. Greg may not use the appraisal because the No. Greg may n…
56 terms
Real Estate Appraisal
The act or process of critically study…
Federally related transactions are tra…
An item that was formerly personal pro…
An appurtenance is something that
A review
involving a federal agency or regulatory
A fixture
Goes along with the ownership of the land
The act or process of critically study…
A review
Federally related transactions are tra…
involving a federal agency or regulatory
34 terms
Real Estate Appraisal Exam
If land is leased, which approach is t…
comparative unit method
segregated cost method
unit in place
Income approach
is the least detailed - takes total cost, divides it by squar…
breaks it down by materials
whole wall as a unit or section
If land is leased, which approach is t…
Income approach
comparative unit method
is the least detailed - takes total cost, divides it by squar…
Real Estate Appraisal (Chapter 16)
appraisal
value
Uniform Standards of Professional Appr…
Appraisal Standards Board
provides an appraiser's opinion of value based on supportable…
monetary worth
regulation governing licenses appraisals
responsible for setting guiding legislation and licensing pro…
appraisal
provides an appraiser's opinion of value based on supportable…
value
monetary worth
30 terms
Real Estate Appraisal and Valuation
Appraisal
Market value
Market price
Competitive market analysis (CMA)
Supported estimate or opinion of value
Highest/List price- present worth of future benefits
Actual price. Used as objectives for comps
Data gathered by using comparable properties, done by sales p…
Appraisal
Supported estimate or opinion of value
Market value
Highest/List price- present worth of future benefits
53 terms
Unit 16- Real Estate Appraisal
The appraisal foundation (TAF)
Appraiser Qualifications Board (AQB)
Appraisal Standards Board (ASB)
Appraisal Practices Board (APB)
private corporation; responsible for establishing improving a…
establishes the qualification criteria for state licensing, c…
establishes the rules for developing an appraisal and reporti…
responsibilty of identifying and issuing opinions on recogniz…
The appraisal foundation (TAF)
private corporation; responsible for establishing improving a…
Appraiser Qualifications Board (AQB)
establishes the qualification criteria for state licensing, c…
251 terms
Foundations of Real Estate Appraisal
3 types of Appraisers
Forces influencing value of land
4 Characteristics of Value
Desirability
1. Fee (charge a fee for services to general public for diver…
1. Government, ... 2. Social, ... 3. Geographic, ... 4. Economic
1. Desirability/Effective Demand, ... 2. Transferability, ... 3. Ut…
Demand for the property, must be desired or needed to have va…
3 types of Appraisers
1. Fee (charge a fee for services to general public for diver…
Forces influencing value of land
1. Government, ... 2. Social, ... 3. Geographic, ... 4. Economic
Hondros / Ohio Real Estate / Appraisal
Appraisal (ch.1)
Appraisal Foundation (ch.1)
Appraisal Institutie (AI) (ch.1)
Appraisal Review (ch.1)
The act of process of developing an opinion of value; an opin…
A nonprofit organization, created by the leading appraisal or…
Professional organzationfoer appraisers; created in 1990 by t…
The act of process of developing and communication an opinion…
Appraisal (ch.1)
The act of process of developing an opinion of value; an opin…
Appraisal Foundation (ch.1)
A nonprofit organization, created by the leading appraisal or…
122 terms
Hondros / Ohio Real Estate / Appraisal
Appraisal (ch.1)
Assemblage (Ch.8)
Plottage (Ch.8)
Stigmatized property (Ch.6)
The act of process of developing an opinion of value; an opin…
The combining of two or more parcels of land into one larger…
Combining
Undesirable properties due to a past event. I.e. Where a crim…
Appraisal (ch.1)
The act of process of developing an opinion of value; an opin…
Assemblage (Ch.8)
The combining of two or more parcels of land into one larger…
Chapter 18 Real Estate Appraisal
The income approach to value would be…
In an old retain building, which of th…
All of the following are characteristi…
If the potential gross rental income f…
downtown office building
Closely spaced internal support columns
Obsolescence
$19,700
The income approach to value would be…
downtown office building
In an old retain building, which of th…
Closely spaced internal support columns
47 terms
NC Real Estate Valuation (Appraisal)
appraisal
CMA
valuation
evaluation
an opinion of property's value, marketability, usefulness, su…
Comparative Market Analysis
the process used by the appraisers to determine market value…
a broad term representing other types of appraisal assignment…
appraisal
an opinion of property's value, marketability, usefulness, su…
CMA
Comparative Market Analysis
44 terms
Principles of Real Estate Chapter 16, Real Estate Appraisal
economic life
broker's price opinion (BPO)
capitalization
law of diminishing returns
the number of years during which an improvement will add valu…
an opinion of real estate value commissioned by a bank or an…
a mathematical process for estimating the value of a property…
point at which additional property improvements do not increa…
economic life
the number of years during which an improvement will add valu…
broker's price opinion (BPO)
an opinion of real estate value commissioned by a bank or an…
38 terms
REAL ESTATE unit 18: real estate appraisal
cost approach
sales comparison approach
income approach
reconciliation
estimate value by adding land value to reproduction or replac…
estimate value by comparing it to actual sales of similar pro…
capital of annual net income expected to be made during rest…
final step in appraisal process; combines all 3 methods to ge…
cost approach
estimate value by adding land value to reproduction or replac…
sales comparison approach
estimate value by comparing it to actual sales of similar pro…
42 terms
Chapter 19 Real Estate Appraisal
Anticipation
Appraisal
Appraiser
Assemblage
Creates value (increase or decrease) in anticipation of a fut…
an opinion of value based on supportable evidence
independent person trained to provide an unbiased opinion of…
The process of merging two separately owned lots into one.
Anticipation
Creates value (increase or decrease) in anticipation of a fut…
Appraisal
an opinion of value based on supportable evidence
Unit 16 - Real Estate Appraisal
Appraisal
USPAP
AQB
APB
An opinion based on supportable evidence and appraisal methods.
Uniform Standards of PROFESSIONAL APPRAISAL PRACTICE - Criter…
Appraiser Qualifications Board - sets minimum requirements fo…
Appraisal Practices Board - recommends acceptable business pr…
Appraisal
An opinion based on supportable evidence and appraisal methods.
USPAP
Uniform Standards of PROFESSIONAL APPRAISAL PRACTICE - Criter…
38 terms
REAL ESTATE unit 18: real estate appraisal
cost approach
sales comparison approach
income approach
reconciliation
estimate value by adding land value to reproduction or replac…
estimate value by comparing it to actual sales of similar pro…
capital of annual net income expected to be made during rest…
final step in appraisal process; combines all 3 methods to ge…
cost approach
estimate value by adding land value to reproduction or replac…
sales comparison approach
estimate value by comparing it to actual sales of similar pro…
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