Real Estate 306 Final Exam Questions with Accurate Answers | Guaranteed Success
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Course
Real Estate
Institution
Real Estate
Real Estate 306 Final Exam Questions
with Accurate Answers | Guaranteed
Success
3 approaches to value - 1. sales comparison (market) approach
2. cost approach
3. income approach
sales comparison (market) approach - -value of RE can be determined
by analyzing the sale prices of similar proper...
, -even the few transactions of comparable properties that we do observe
may not be indicative of the value of the "subject" property
-"fee appraisers" needed to estimate market value of RE assets
who uses market value appraisals? - ✔✔-buyers
-sellers
-corporate acquisitions, mergers or dissolutions, tax & accounting
-courts (divorce, eminent domain, settlement of estates, bankruptcy)
-mortgage lenders
professional appraisal practice - ✔✔-imperfect information
-reliable data & analysis applies
-an appraisal is only as good as the appraiser & data available
-OPINION of value
-UNBIASED opinion of a 3rd PARTY with no direct interest in the property
-Uniform Standards of Professional Appraisal Practice (USPAP)
-Code of Ethics
licensing & certification - ✔✔-Federal legislation passed in response to
collapse in RE markets in late 1980s
-requires appraisals to be state licensed or certified if they prepare federally
related appraisals
-General Certified, Residential, Licensed
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