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Real Estate 10
Real Estate Principals lesson 10
| Question | Answer |
|---|---|
| when is an appraisal good? | on the given date |
| an appraiser who doesn't use proper methods on a government loan? | is guilty of a felony |
| Appraising Steps? | define problem,make a preliminary survey,collect data,correlate data, estimate the final data |
| what is unimportant when determining value? | assessed value |
| Does an appraiser average? | No |
| what should an appraiser do when appraising a property with a building and no value? | appraise the land for the highest value by subtracting demolition costs |
| what is an appraiser most interested in? | the date the price is agreed upon |
| Three types of Appraisal reports? | Letter Form, short form, and narrative report |
| Narrative report includes everything but? | financing |
| 1 acre = | 43560 sq. ft. |
| a commercial acre = | an acre minus streets,sidewalks etc. |
| if rapid turnover doesn't stabilize value what does? | high percentage of owner occupancy |
| progression? | the value of something less increases when surrounded by more expensive |
| regression? | the value of something more decreases when surrounded by things of less value |
| Principal of substitution? | two like properties cost about the same |
| one property can be substituted for another in terms of? | use,income, or design |
| Principle of Highest and Bets Use | the use which will most likely produce the greatest net income |
| what is the first thing to do on vacant land | determine highest and best use |
| how would an appraiser determine highest and best use? | site analysis |
| principal of contribution? | Net Income |
| Principal of Productivity | LCCL Labor,coordination,capital, land |
| in principal of productivity which is the last to be satisfied? | land |
| value? | present worth of future benefits |
| market value (objective value) | willing seller and willing buyer |
| utility value | sentimental value |
| Cost | past expenditures, what it took to make it |
| price | what one pays |
| four essential elements of value | DUST Demand,utility, Scarcity, Transferability |
| Special Forces Influence Value | PEGS Physical,economic,government,social |
| Exposure? | southwest corner of the intersection |
| Plottage? | Two plots together is better than one |
| Topography? | Some limited irregularity for residential property is best |
| Amenities? | Beneficial influence (solar panels) |
| Orientation? | Placement of a house on its lot |
| Unearned Increment? | increase in value due to inflation or increase in population |
| Appreciation? | an increase in value over time |
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