Real Estate Appraisal Flashcards Preview

Texas Real Estate Principles II > Real Estate Appraisal > Flashcards

Flashcards in Real Estate Appraisal Deck (9)
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1

A broker opinion of value, or a broker price opinion, is a value estimation made by a real estate broker on the basis of several factors, including all of these, except:

The seller's degree of urgency

2

Subjective value is:

Based on personal feelings, tastes, and/or opinions.

3

Innate features include items such as:

1. Number of bathrooms
2. The type of roofing
3. The location, and the size of the property

4

A comparative market analysis is a report on:

The estimated value of a property

5

A "best and highest" use must meet the following four criteria, except:

Financially challenging

6

A licensed Residential Appraiser is one who is authorized to appraise:

complex one-to-four residential units having a transaction value less than $25000
and
non-complex one-to-four residential units having a transaction value less than $1 million

7

The _______ has tules and regulations that lay down the basic situations where appraisal by a licensed appraiser is required.

Federal Deposit Insurance Corporation

8

USPAP stands for:

Uniform standards of professional appraisal practice

9

FDIC regulation 12 CFR section 323.2 defines "market value" as:

The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeable, and assuming the price is not affected by undue stimulus.