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Study sets matching "real estate appraisal"

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Study sets matching "real estate appraisal"

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…
46 terms
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…
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…
82 terms
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…
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.
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
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 _…
14 terms
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…
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
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
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…
67 terms
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…
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
52 terms
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…
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,…
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…
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…
27 terms
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…
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…
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
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.
13 terms
Real Estate Appraisal
Appraiser
CMA
Characteristics of (DUST)
Demand
An independent professional trained to provide an unbiased es…
Distinctly different from an appraisal report offered by a li…
Having monetary worth based on desirability to create value..…
The need ore desire for possession or ownership backed by the…
Appraiser
An independent professional trained to provide an unbiased es…
CMA
Distinctly different from an appraisal report offered by a li…
55 terms
Real Estate Appraisal Modified
Value
appraisal
eminent domain
market value
Refers to what a willing buyer, not forced to buy, will pay,…
the process of estimating or making an opinion on the market…
another word for condemnation
highest price in terms of money which a property will bring a…
Value
Refers to what a willing buyer, not forced to buy, will pay,…
appraisal
the process of estimating or making an opinion on the market…
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…
44 terms
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…
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…
84 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…
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…
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…
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
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
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…
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…
10 terms
Real Estate- Appraisal
Anticipation
Appreciation
Assemblage
Cost
The belief that a property value will increase or decrease ba…
Increase in property value
Process of merging the smaller properties into larger parcel
The amount to construct improvements plus the value of the land
Anticipation
The belief that a property value will increase or decrease ba…
Appreciation
Increase in property value
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
Real Estate - Appraisal
Amenities
Appraisal
Capitalization Rate
Cooperative Market Analysis
Tangible and intangible features that enhance or increase the…
An estimate or opinion of a property's value; also refers to…
A percentage comprised of the return on the investment and th…
An informal market evaluation conducted by a real estate agen…
Amenities
Tangible and intangible features that enhance or increase the…
Appraisal
An estimate or opinion of a property's value; also refers to…
74 terms
Real Estate Appraisal
Real estate appraiser
Scope of work
Opinion of value
Appraisal Assignments Available
provides ... opinion of value of real estate ... (land and/or bui…
determines extent of research and analysis required
usually presented in written appraisal report
Set/determine fairness of asking price... Estate valuation... Value…
Real estate appraiser
provides ... opinion of value of real estate ... (land and/or bui…
Scope of work
determines extent of research and analysis required
79 terms
Real Estate Appraisal
Appraisal
Market Value
Value
Informal Appraisal
An appraisal is an opinion of value
most probable selling price of a property in a competitive an…
The worth, usefulness or utility of an object to someone for…
The "market analysis made by brokers and salespeople when lis…
Appraisal
An appraisal is an opinion of value
Market Value
most probable selling price of a property in a competitive an…
42 terms
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.…
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,…
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.
54 terms
AZ - Real Estate Appraisal
Subjective Value
Objective Value
Value
Appreciation
Amount a specific person might pay to possess a property.
Amount a reasonable person might be expected to pay for the s…
Exchange of present worth for future benefits to the owner of…
increase in value of an asset over time.
Subjective Value
Amount a specific person might pay to possess a property.
Objective Value
Amount a reasonable person might be expected to pay for the s…
37 terms
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
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
10 terms
Real Estate Appraisal
Formula: Gross Rent Multiplier (GRM)
Gross Income Multiplier (GIM)
Potential gross income (PGI)
functional obsolenscence
sale price ÷ gross monthly rent
sale price ÷ gross annual income = gross income multiplier (G…
total annual income a property would produce if it were fully…
depreciation associated with inedfficnet architect design
Formula: Gross Rent Multiplier (GRM)
sale price ÷ gross monthly rent
Gross Income Multiplier (GIM)
sale price ÷ gross annual income = gross income multiplier (G…
131 terms
REAL ESTATE APPRAISAL AND INVESTMENTS
Valuation is the act or process of dev…
The federal Financial Institutions Ref…
A federally related transaction is a r…
To qualify for licensing or certificat…
...
...
...
...
Valuation is the act or process of dev…
...
The federal Financial Institutions Ref…
...
8 terms
Real Estate Appraisal
Appraisal
Appraiser must
elements that create value
influences on real estate value
Estimate of value
unbiased, knowledgable, documented... college degree for commer…
demand... utility... scarcity... transferability
-physical and environemental (hurricane, transportation netwo…
Appraisal
Estimate of value
Appraiser must
unbiased, knowledgable, documented... college degree for commer…
40 terms
Real Estate Appraisal Final
Appraisal
Market Value
Difference between Real and Personal P…
Fixture
an expert estimate of the value of something.
the amount for which something can be sold on a given market.
Personal property is movable property. It's anything that can…
a piece of equipment or furniture that is fixed in position i…
Appraisal
an expert estimate of the value of something.
Market Value
the amount for which something can be sold on a given market.
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