Examen
Chapter 3 - The appraisal process questions with right answers.
- Grado
- Institución
Chapter 3 - The appraisal process questions with right answers.
[Mostrar más]Vista previa 2 fuera de 6 páginas
Vista previa 2 fuera de 6 páginas
Añadir al carrito
Añadir al carrito
Vendedor
Seguir
Professorkaylee
Vista previa del contenido
Chapter 3 - The appraisal processquestions with right answers.
What does the appraisal process begin and end with ANS - The process begins with acceptance of an
assignment and ends with a report of the appraiser's conclusions.
the three approaches to value ANS - (1) sales comparison: a method of estimating value based on the
economic principle of substitution. Per this approach, the value of a building cannot be greater than the
cost of purchasing a similar site and constructing a building of equal utility.
(2) cost: a means of appraising property based on the assumption that value is equal to the present
worth of future rights to income.
(3) income capitalization: a valuation method based on the substitution principle. It involves evaluating
the subject property against comparable ones that have lately sold.
what are the 7 steps in the appraisal process ANS - (1) Define the problem and the scope of work.
(2) Estimate the land value.
(3) Determine the property's highest and best use.
(4) Estimate the land value.
(5) Reconcile the estimated values to determine the final value estimate.
(6) Reconcile the estimated values to determine the final value estimate
(7) Communicate the final value estimate
, Define scope of work ANS - the appraiser's determination of the amount and type of information to be
researched and the types of analysis that will be applied, given the client's intended use and the nature
of the problem as defined in the previous step.
The appraiser analyzes the market by: ANS - Proceeding methodically and with "professional due
diligence".
Avoiding incomplete, unverifiable or outdated information.
Stating the parameters used to collect, report and verify the statistics.
Confirming data against at least one reliable, non-biased source to ensure accuracy (if not two)
Including the source information in the report.
Appraisers divide collected data into two primary classes: ANS - (1) General data. This is information
about the property's location - its country, region, city, and, most importantly, its neighborhood. The
neighborhood helps the appraiser determine those social, economic, physical and political influences
that directly impact the property's value and potential.
(2) Specific data. This information pertains to the subject property and to comparable properties in the
market area—physical, legal, locational, cost, income and expense information, as well as details about
the prices of comparable sales and any financial arrangements involving the sold comparables or the
subject.
What is the definition of highest and best use ANS - Legally permissible
Physically possible
Financially feasible
Maximally productive
define direct sales comparison ANS - sales of comparable vacant parcels are analyzed and adjusted to
indicate a value for the subject land
Los beneficios de comprar resúmenes en Stuvia estan en línea:
Garantiza la calidad de los comentarios
Compradores de Stuvia evaluaron más de 700.000 resúmenes. Así estas seguro que compras los mejores documentos!
Compra fácil y rápido
Puedes pagar rápidamente y en una vez con iDeal, tarjeta de crédito o con tu crédito de Stuvia. Sin tener que hacerte miembro.
Enfócate en lo más importante
Tus compañeros escriben los resúmenes. Por eso tienes la seguridad que tienes un resumen actual y confiable. Así llegas a la conclusión rapidamente!
Preguntas frecuentes
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
100% de satisfacción garantizada: ¿Cómo funciona?
Nuestra garantía de satisfacción le asegura que siempre encontrará un documento de estudio a tu medida. Tu rellenas un formulario y nuestro equipo de atención al cliente se encarga del resto.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Professorkaylee. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
45,681 summaries were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now