Flashcards in Valuation and Appraisal Deck (45)
The four parts of an appraisal are:
Description of the property
Estimate of value,
Signature of the appraiser
The nature of value incorporates the acronym DUST. The letters stand for:
T/F. The appraiser uses the information accumulated to find an "average" value.
Which appraisal report has the most comprehensive records and backup information included (such as maps, photographs, etc.)?
Which appraisal report is less formal, with a simple statement of value, usually less than a page long?
Which appraisal report is in the form of a "checklist" and most often used for institutional lenders?
Of value in use and value in exchange, which is subjective?
A neighborhood where all homes are similar in design and value illustrates the principle of:
If most homes are approximately $60,000 in value and one is $100,000, the $100,000 home is an example of the principle of:
In an area of $100,000 homes, the $90,000 home is an example of:
A view would be considered a:
A hot tub would be a:
Joining two or more contiguous parcels of land together.
If putting two or more contiguous parcels of land together increases the value, that is:
Which of these qualify as a "service" property?
c. Vacant lot
The shared or common wall between two twin homes is called a _____ ____.
Name the 3 appraisal approaches:
Market Data (Comparison)
Which is most expensive?
b. Cost Replacement
T/F The total square feet in a home is measured by inside dimensions.
The Gross Rent Multiplier (GRM) is found by dividing the purchase price by the gross rents.
The boundary of the lot that runs parallel to the street is called?
How close to the street are you allowed to construct a building is referred to as the ___ ____ ____.
Set back line
Which is considered by the appraiser to be longer:
a. Economic life
b. Physical life
c. Appraised life
d. Amortized life
b. Physical Life
The last step (before the report) in the appraisal process is to _________ ___ _____.
Reconcile the data
What you paid for the property is the:
29. What you sell it for is the:
The first principle of appraising is:
Highest and Best Use
To determine highest and best use, the appraiser asks:
Is it legal?
Is it economically feasible?
What will bring the highest return now and in the future?