Real Estate 306 Final Exam; Questions and Answers 100% Correct
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Course
Real Estate 306
Institution
Real Estate 306
Real Estate 306 Final Exam; Questions and
Answers 100% Correct
3 approaches to value Correct answer-1. sales comparison (market) approach
2. cost approach
3. income approach
sales comparison (market) approach Correct answer--value of RE can be determined by
analyzing the sale prices of sim...
, Real Estate 306 Final Exam; Questions and
Answers 100% Correct
-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? Correct answer--buyers
-sellers
-corporate acquisitions, mergers or dissolutions, tax & accounting
-courts (divorce, eminent domain, settlement of estates, bankruptcy)
-mortgage lenders
professional appraisal practice Correct answer--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 Correct answer--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
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