Exam (elaborations)
GA MLS Unit 16 (1)
- Course
- Bible 10/12
- Institution
- Bible 10/12
Exam of 3 pages for the course Bible 10/12 at Bible 10/12 (GA MLS Unit 16 (1))
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GA MLS Unit 16appraisal - ANS-an opinion of value based on supportive evidence and approved methods
appraisal report - ANS-opinion of market value on a property given to a lender or client with
detailed market information
Appraiser Independence Requirements (AIR) - ANS-Regulations issued by Fannie Mae that
must be followed by appraisers to ensure accurate and objective appraisals.
Uniform Standards of Professional Appraisal Practice (USPAP) - ANS-set of standards
developed by the appraisal foundation that details information required for a property appraisal
comparative market analysis - ANS-focuses on property similar to the subject property in size,
location, and amenities for the purpose of deriving a likely listing price
broker's price opinion (BPO) - ANS-An opinion of real estate value commissioned by a bank or
an attorney and provided by a broker.
the information used to perform an appraisal is divided into two basic classes: - ANS-general
data and specific data
value - ANS-power of a good/service to command other goods in exchange for the present
worth of future rights to its income
must have DUST
demand
utility
scarcity
transferability
market value - ANS-Most probable price the property will sell for in an arm's-length transaction
under normal conditions on the open market
anticipation - ANS-value is created by the expectation that certain events will occur
change - ANS-The appraisal principle that holds that no physical or economic condition remains
constant.
competition - ANS-appraisal principle stating excess profits generate competition
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