Flashcards in Real Estate Sales Licensing - Notes & Facts for Brief Study Deck (171)
When is homestead protection lost?
When the person sells or moves out of the property
How long are judgments valid for?
When may judgments be renewed?
May be renewed within the last 90 days of the five years
How are judgments from another state recorded in Arizona?
Where would judgments appear?
Title report, credit report and in the county recorder's office
Judgement are what type of lien?
A general lien. They attach to real and personal property.
What determines Value
Utility, Scarcity, and Transerability
When conducting a neighborhood analysis, the appraiser is interested in
What is an example of external (economic) obsolence?
Air pollution; Noise
What are the CAP rate and Capitalized value based on?
What approach would an appraiser use when appraising special property (church)
What are appraisers paid based on?
Time, travel, work
What is Integration and Disintegration (Development, Stability & Decline).
What an appraiser looks for when studying an area for growth and decline.
Is a building has a poor floor plan it is an example of
What happens when the CAP rate goes up?
The value goes down
What approach must an appraiser use when appeasing land
The Market Approach
What is the Cost Approach
Also known as summation.This is an estimate of value based on reproduction / replacement costs. Used for new construction, custom homes, special use or service property (churches, theaters) where comps are unavailable.
What is the Market Approach
Also known as comparative analysis, used when appraising land and "used" residential property.
Operating Expenses do not include
Vacancies and loss of credit
What is reconciliation?
Also known as correlation. This is the final step when an appraiser used all three appraisal approaches (Cost, Market and Income Approach).
What is the least important factor when using the Market Approach?
Property in Foreclosure
What may you have at the end of the economic life?
What is the highest price a property will demand?
Economic Depreciation is always.... what?
What would an appraiser do is the comps in the area has less features than the subject property?
Add dollar value to the subject property.
What is substitution?
The benefits of one property when compared to another
What can the landlord keep if the lessee pays upfront deposits and then cancels the lease
When must a licensee notify the RE dept of a felony or misdemeanor
All contracts must be initialed by a designated broker or delegated associate broker... when?
Within 10 business days