Real Estate 306 Final Exam Questions And Answers Rated A+ New Update Assured Satisfaction
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Module
Real Estate 306
Institution
Real Estate 306
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 Pra...
-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
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
>each has min. education requirements, experience, & examination requirements
>all have continuing education requirements
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