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Real Estate Appraisal

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Term
Definition
Accrued Depreciation   show
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Anticipation   show
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show The combining of two or more adjoining lots into one larger tract to increase their total value.  
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Appraisal   show
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Broker's Price Opinion (BPO)   show
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Capitalization Rate   show
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Change   show
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Competitive Market Analysis (CMA)   show
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Competition   show
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show The appraisal principle that holds that the greater the similarity among properties in an area, the better they will hold their value.  
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show The appraisal principle that states that the value of any component of a property is what it gives to the value of the whole or what its absence detracts from that value.  
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Cost Approach   show
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show In appraisal, a loss of value in property due to any cause, including physical deterioration, functional obsolescence, and external obsolescence  
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Economic Life   show
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show Incurable depreciation caused by factors not on the subject property, such as environmental, social, or economic factors  
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Functional obsolescence   show
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Gross Income Multiplier (Gim)   show
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Gross Rent Multiplier (GRM)   show
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Highest And Best Use   show
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show The process of estimating the value of an income-producing property through capitalization of the annual net income expected to be produced by the property during its remaining useful life.  
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show Law that applies as long as money being spent on improvements produces an increase in income or value  
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Law Of Diminishing Returns   show
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Market Value   show
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show The income projected for an income-producing property after deducting losses for vacancy and collection and operating expenses  
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Physical deterioration   show
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show The increase in value or utility resulting from the consolidation (assemblage) of two or more adjacent lots into one larger lot.  
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Progression   show
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show The final step in the appraisal process, in which the appraiser combines the estimates of value received from the sales comparison, cost, and income approaches to arrive at a final estimate of market value for the subject property.  
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show An appraisal principle that states that, between dissimilar properties, the value of the better-quality property is affected adversely by the presence of the lesser-quality property.  
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show The construction cost at current prices of a property that is not necessarily an exact duplicate of the subject property but serves the same purpose or function as the original.  
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Reproduction cost   show
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show The process of estimating the value of a property by examining and comparing actual sales of comparable properties  
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show The amount of money paid to a seller for a product bought  
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State-certified Residential Real Property Appraiser   show
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show May appraise any type of property for any purpose in Georgia.  
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show May perform any appraisal that is not to be used in a federally related financial transaction and may perform appraisals for use in a federally related financial transaction in which the value of the transaction does not exceed $1 million.  
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Substitution   show
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Supply And Demand   show
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show A set of standards that details information required in an appraisal of residential property. This report is required by many government agencies.  
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show Physical, Functional and External obsolescence  
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Depreciation is most often determined by   show
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show Properties Cost / # of years of expected economic life  
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show Net Income / Salesprice  
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show Income / Rate  
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Determining Rate   show
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Determining Income   show
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Gross Rent Multiplyer   show
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Gross Income Multiplyer   show
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show Sales Comparison, Cost and Income Approach  
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show General, Specific Data  
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Created by: jozie723
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