Question types

Start with

Question limit

of 47 available terms

Print test

47 Matching questions

  1. Cap rate
  2. Cost Approach
  3. Elements of Value (STUD)
  4. Assemblage
  5. Depreciation
  6. Net Operating Income
  7. Cureable
  8. Conformity
  9. Physical Deterioration
  10. Locational, environmental , economic obsolescence
  11. ROI
  12. Steps of Appraisal process
  13. Incurable
  14. Terms and Conditions of Sale
  15. Objective value
  16. Over improvement
  17. Replacement Cost
  18. Market Value
  19. Neighborhood Cycle
  20. Info obtained in an appraisal can
  21. Principle of progression and regression
  22. Substitution
  23. Appraisal Reports
  24. Appraisers qualifications
  25. Functional Obsolesence
  26. Economic Principals of Valuation
  27. 3 types of depreciation
  28. Forces that affect value (PEPS)
  29. Market Price
  30. Increasing and Diminishing Returns
  31. Gross Rent Multiplier
  32. Regression
  33. Subjective Value
  34. Competitive Market Analysis (CMA)
  35. Highest and best use
  36. Change
  37. Appraisals are good for
  38. Important when making adjustments
  39. Progression
  40. supply and demand
  41. contribution
  42. Plottage
  43. Competition
  44. Income Approach
  45. Anticipation
  46. Reproduction Cost
  47. Appraisal
  1. a Date of sale- recent sale
    Location- roughly same location
    Physical Features- adjust comps up down to meet subject property.
  2. b Change day to day as needs change.
  3. c Reasonable degree of
  4. d Most profitable single use for a property
  5. e Highest and best use
    Supply and demand
    Plottage/ assemblage
  6. f Anticipate that the property is going up in value
  7. g Are incurable - has to do with the location
  8. h Improvements that don't add value to the home
  9. i Dividing a larger parcel into smaller parcels
  10. j Can be curable or incurable deals with the uses with in the property
  11. k Cost to get an EXACT duplicate
  12. l Nothing remains the same
  13. m If there are both high and low priced homes in an area people normally don't want to buy the highest priced homes.
  14. n Factual value
  15. o Determines of something is a wise improvement to a property or not.
  16. p To assemble a number of parts to give them a greater value
  17. q Assumes the net income derived from the property will control the value. Not concerned with gross income.
  18. r Market data approach and sales comparison approach
    Most effective way for single family dwellings
    Comparing recent sales to verify data and make adjustments to come up with a value for a property we are appraising
  19. s Cost to get a building that had the same utility; however it need not be an exact duplicate
  20. t Scarcity
  21. u Rate of return received on an investment
    Are annual unless otherwise stated
  22. v Present worth of future benefits
    What we hope to get.
  23. w Excess profits tend to attract this
  24. x Physical
    Functional obsolescence
    Locational Environmental/ economic obsolescence
  25. y Are the growth, stability and decline of the neighborhood based on social conformity.
  26. z Supply short, demand heavy prices go up.
    Supply high, demand low, prices go down.
  27. aa Physical characteristics- size, shape, location, soil conditions and exposure
    economic - interest rates
    political- government regulations
    Social- neighborhood interest affects values
  28. ab Economically makes sense to repair
  29. ac Normal maintenance and wear and tear of the property
  30. ad Return on Investment
  31. ae Exact dollar the property sells for
  32. af No specific time period
  33. ag Do not spend money on a property unless it contributes to its value or the income you will get from the property
  34. ah Perceived value based on use
  35. ai Any condition that adversely affects the value of property
    Land can not be this...
  36. aj Lower price property will sell first
  37. ak Paid flat fee
    Must be licensed in SC
    Can not pay referral fees
    Can not charge a fee based on a % of appraised value
  38. al Estimate value of rental properties
    =sale price/ gross income
    Very seldom used
  39. am Property you are comparing must have been sold under about the same conditions you plan to sell the subject property
  40. an State the Problem (why do they want the appraisal)
    List data required
    Gather record and verify data
    Analyze and interpret data
    Apply up to three approaches to value
    Reconcile or Correlate data or Estimate value
  41. ao Higher price homes will go down in value towards the price of the lower price homes
  42. ap Has nothing to do with original cost
    Is based on the principle of substitution which states the maximum value of a property tends to be set by the cost of acquiring an equally valuable substitute property.
    Cost to Replace- Accrued Depreciation+ land=
  43. aq Short form
    Uniform Residential appraisal report- required for govt backed loans
    Lengthy written Narrative Report- most comprehensive
  44. ar Lower price homes will go up in value towards prices of higher price homes
  45. as is supported estimate or opinion of value
  46. at Economically makes no sense to repair
  47. au = gross income-vacancy - expenses