All about Appraisers and finding properties value
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| An estimate or opinion of the value of a piece of property as of a certain date is... | Appraisal (Estimate, not term of actual price; includes detailed report that defines value of property; Different forms= lengthy written report called narrative appraisal for commercial, or letter, verbal report, or appraisal form for residential
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| One who estimates the value of real or personal property is an... | Appraiser (Independent Contractor, or hired by government, lender, or trust company; Must haves= Appraisal license, 2,000 hrs apprentice wrk, then state certified & licensed; Fees based on time & wrk; Common designation= Member of Appraisal Institute/MAI
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| When an appraiser arrives at a final estimate of value after examining each appraisal approach it is called... | Reconciliation (The final result of an appraisal report)
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| Real estate market the demand for homes is greater than the supply is a... | Seller's Market (Has to do with supply and demand, under principles of appraisal)
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| Real estate market where the supply of homes is in excess compared to the demand is a... | Buyer's Market (Has to do with supply and demand under principles of appraisal)
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| The property being appraised is called the... | Subject Property (under market approach for appraisers)
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| A recently sold property being used as a means of comparison is called the... | Comparable Property (Most frequently used for residential sales, only way to estimate the land value)
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| The construction cost at current prices of an exact duplicate of the subject property is... | Reproduction Cost (For those things that are exact reproductions of the original)
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| the contruction cost at current prices of a property that serves the same purpose or function as the original is... | Replacement Cost (Like when a church just has what is necessary instead of stained glass windows, etc.)
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| Decay, disintegration or wear and tear are examples of... | Physical Deterioration (Like an old house that is falling apart)
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| Loss of value inside property lines from functional problems like age or design is... | Functional Obsolescence (Example would be a house with a poor floorplan like having only one bathroom in a 5 bdrm) This can be both curable and incurable
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| Loss of value off the subject property is... | Economic Obsolescence (The only incurable on of the three different obsolescences.)
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| To convert future income to present value means to... | Capitalize (The income approach appraisers use for investment properties i.e. apts., offices, and shopping centers.)Measures risks, if high risk cap rate is high, and the higher the rate the lower the value.
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| Combining parcels for greater value is... | Plottage (Example would be when a hospital wants to expand and ends up buying the houses across the street and using that land, and then makes a profit)
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| Combining two or more adjacent lots to increase value is... | Assemblage (This is the process of plottage)
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Created by:
Rapunzel86
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