REAL 4000 uga test 3 Study Guide with
Complete Solutions
Real estate appraisals - Answer️️ -Formal estimates of the value of
a piece of land.
Most are generated by lenders.
Also generated by courts and buyers/sellers.
Market value - Answer️️ -The most probable selling price of a
prop...
Highest and best use - Answer✔️✔️-the highest and best use of a
property is found to be:
Legally permissible
Physically possible
Financially feasible
maximally productive (the use that adds the most value)
It also ignores existing improvements and takes into account the
cost of converting the land to a new use.
Three valuation methods - Answer✔️✔️-The sales comparison
approach
The cost approach
and the income approach
you take the weighted average of the indicated values that come
from all three approaches to get a single estimate of the properties
value.
2
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