Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
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 |
Created by:
1535448438