Flashcards in Appraisal Deck (15)
1. An estimate or opinion of market value supported by an analysis of relevant properties.
2. The determined value is good for only 1 day.
What is a "URAR"?
1. The Uniform Residential Appraisal Report (URAR) Is the standard form normally used for residential appraisals.
What is "USPAP"?
1. The Uniform Standards of Professional Appraisal Practice.
2. All appraisers are expected to follow the guidelines there within.
What are the essential elements of value?
a) Does the property fill a specific need?
b) Subjective: based on needs of potential buyer.
a) There is a finite supply of land.
b) Land in specific areas may be limited. (scarce)
a) Must have marketable title.
b) No value if title cannot be transferred.
What are the forces and factors that affect value?
Supply & Demand
1. Most important principle in appraisal.
Sales Comparison Approach / Market Data Approach