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Appraisal3

Appraisal

QuestionAnswer
Principal of Increasing and Decreasing Returns Invest in property whenever each dollar invested will return a dollar or more of increased value and stop when each dollar invested returns less than a dollar in value-do not over-improve a property
Principle of Contribution The value of a part is determined by its contribution to the total value of the property rather than by the cose of the part
Principle of Regression Lower valued properties in the neighborhood lead to a decline in value of a subject property
Principle of Progression Higher valued properties in the neighborhood lead to an increase in value of a subject property
Principle of competition Increased competition results in decreased profits for current providers
Principle of Change Appraisers must make adjustments for changes in market conditions and time
Principle of Anticipation Pricing today based on the expectation of future appeal and/or benefits
Assemblage combining several parcels of land into one larger tract
Plottage The increased value resulting from the combining of several parcels of land into one larger tract
Reconciliation The final step in the appraisal process using weighted averages to determine an exact number
USPAP Uniform Standards of Professional Appraisal Practice-appraiser's rules
Chronological Age The actual age of a property
Effective Age The condition of a property measured in years
Created by: Shirilyn