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Real Estate 10

Real Estate Principals lesson 10

QuestionAnswer
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
Created by: 1535448438