Real estate appraisals - Study guides, Class notes & Summaries

REAL ESTATE APPRAISALS

8 Steps in the Valuation Process (Ans- 1) Define the problem 2) Determine scope of work 3) Gather, record and verify the data 4) Determine the highest and best use 5) Estimate the land value 6) Estimate value by each of the 3 approaches (if applicable) 7) Reconcile the estimated values into the final opinion of value 8) Report the final opinion of value Defining the Problem: 6 Sub-steps within (Ans- -Identification and location of the real estate -Identification of the propert...

FIRREA—Financial Institutions Reform, Recovery, and Enforcement Act of 1989 - correct answer -Required banks to get appraisals on most properties. -Required that certified appraisers be used to perform appraisals -Required that states follow Appraisal Foundation requirements in order to certify appraisers. Real Estate - correct answer a particular piece of land and anything that is permanently attached to it. Real Estate appraisal - correct answer an opinion of value for a piece of...

Florida Real Estate 2024 Questions and Answers 100% Pass Brokers who list and sell smaller businesses are - Correct Answer ️️ -business opportunity brokers. Before roadbuilding begins, a developer must submit a document to the local planning board for approval. The document is called a - Correct Answer ️️ -subdivision plat map. Investors who don't live on the properties they own are - Correct Answer ️️ -absentee owners. Real estate specialists who sell properties close to a...

Unit 1: Florida Real Estate Exam Questions and Answers 100% Pass Absentee Owner - Correct Answer ️️ -An owner who does not reside on the property and who usually relies on a property manager to supervise the real estate Agricultural, 10 - Correct Answer ️️ -___ property is defined in Florida license law to mean agricultural property of more than __ acres. Appraisal - Correct Answer ️️ -The process of estimating the value of real property; a supported, defended estimate of the ...

REAL ESTATE APPRAISALS TEST 1.

Florida Real Estate Exam Practice Questions 2024 Questions and Answers 100% Pass Which statement is true regarding the use of the term REALTOR? A. All real estate licensees are realtors B. All realtors are members of the NAR C. The term real estate licensee and realtor may be used interchangeably D. The Florida DBPR authorizes the use of the term realtor - Correct Answer ️️ -b. The term "follow-up" refers to a. returning calls in a timely manner. b. completing instructions given b...

When a developer deeds the streets and easements to the county government for future maintenance, it is called - ️️dedication. A broker's license will become void when the first license expires unless the broker has - ️️completed at least 60 hours of broker post-licensing courses. A person who takes applications for a mortgage loan must - ️️be licensed as a loan originator by the Florida Office of Financial Regulation. Before roadbuilding begins, a developer must submit a docu...

Areas of expert knowledge required for all real estate licensees? - Answer-1. Property Transfer 2. Valuation 3. Marketing (Not accounting or construction) Real estate licensees can perform valuations under the real estate license law if the valuation is not to be used _________. - Answer-in a federally related transation real estate licensees usually prepare... - Answer-CMAs or give a BPO. They do NOT perform appraisals Does Florida have a reciprocity with any other state with regard...

Real Estate Business - Answer-Is composed of many specialization's: - (1)Details of Property Transfer -Knowledge of: (2)market conditions (3)how to market real estate business (4)how to analyze buyers needs (5)laws that pertain to real estate Real Estate Brokerage - Answer-Is the bringing together of buyers and sellers, owners and renters and completing real estate transactions. ***How can a agent maintain good standing with clients? (After title closing)*** - Answer-***Follow Up. ...