Appraisal - Study Sheet Flashcards

1
Q

Cost Approach

3 components of depreciation

A

Physical
Functional
External

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2
Q

Economic
Neighborhood Life Cycle
4 components

A

Growth
Stability
Decline
Renewal

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3
Q

Highest and Best Use

4 Tests

A

Legally Feasible
Physically Possible
Financial Feasible
Maximum Productive

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4
Q

Value

4 Elements

A

D - Demand
U - Utility
S - Scarcity
T- Transferability

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5
Q

Value

4 Forces

A

Economic
Social
Governmental
Environmental

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6
Q

Economic

Production - 4 agents

A

Land
Labor
Capital
Entrepreneurship

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7
Q

Real Estate

6 Bundle of Rights

A

The right to use and occupy the real property
The right to sell it part or in whole
The right to leave it to someone, give away
The right to rent/lease
The right to transfer by contract
The right to do nothing at all

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8
Q

Math

Sinking Fund Factor

A

The amount and frequency of pmt that must b e deposited to achieve a specified financial goal over a specified amount of time

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9
Q

Math

Amortize

A

The period of pmt schedule necessary, including interest and principle, to reduce the debt with equal payment

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10
Q

Encumbrances

A

Liens (Money related)

Encumbrances (use or physical condition is affected)

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11
Q

Encumbrances - Liens

A
Tax Liens
First Mortgage
Equity Loans
Mechanics' Liens
Judgements
Attachments
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12
Q

Encumbrances

A
Leases
Easement (Appurtenant and Gross)
Encroachments
Deed restrictions
Reservations
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13
Q

Real Property

A

land improvements and certain rights/interests/benefits

Cannot be moved

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14
Q

Fixture

A

one time was personal property, but was attached to the real estate in a permanent manner

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15
Q

Trade Fixture

A

Book Shelves

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