S31: Appraisal

¡Supera tus tareas y exámenes ahora con Quizwiz!

Licensed Residential Real Property Appraiser (150 hours)

- 1,000 in experience in 6 month - can appraise non-complex residential 1-4 unit less than $1 mill

Certified Residential Real Property Appraiser (200 hours)

- bachelors degree - 1,500 experience in 12 months - can appraise any residential - no commercial property

Certified General Real Property Appraiser

- bachelors degree - 3,000 experience in 18 months (1,500 non-res) - can appraise any property

When measuring square footage:

- finished areas only included - garages not included - finished spaces only included if attached to main property - finished spaces only measured if ceiling height is at least 7 feet

Appraiser Trainee (75 hours)

- no experience needed - can appraise anything with supervisor

DUST

Demand, utility, scarcity, transferability

Usually an appraisal is performed to

Determine value for underwriting a mortgage loan, or to price a property and figure out worth

Assessed value

Dollar amount to which the local tax rate is multiplied to determine property tax owed

Comparative Market Analysis (CMA)

Estimate of market value based on recent comparable sales for similar properties

Appraisal

Estimate of value as of specific date/use

What's another term for a valuation that's an unbiased opinion of value?

Formal appraisal

While market value is an opinion of a property's worth on the fair market, which of the following best describes market price?

How much a buyer has paid and a seller has accepted for the property.

A lender requests an appraisal of a property under foreclosure. What type of value is the lender most likely to be interested in?

Liquidation value

Which of the following is the price a lender believes the property will bring at a foreclosure sale?

Mortgage value

Income approach: GRM is 110x, you would

Multiply gross monthly rent by 110

Broker's Price Opinion (BPO)

Opinion of value prepared by real estate licensee, similar to a CMA, not as detailed. Generally ordered by lender or relocation company

Income approach: capitalization formula

Value = net operating income / cap rate

Value in use

Worth of a property as owner is currently using it

Assessed value of real estate

the value used to calculate the property taxes, based on a percentage of the market value


Conjuntos de estudio relacionados

US AP Government -- Chapter 4 to 6

View Set

Unit: Supply and Demand (Demand and Supply)

View Set

SCULPTURE Unit Test Review (Introduction to Art)

View Set

WISCONSIN LIFE INSURANCE LAW 0820

View Set