This concludes Chapter 18. Below is a brief summary which you can review before you take your chapter quiz.
Competitive Market Analysis (CMA): Real estate salespeople are called upon to provide comparable sales to a seller who wants to list a property for sale.
Real Estate Appraisal is an estimate or opinion of value, based on time and effort of the appraiser, never on the established price of the property.
Appraiser's Ground Rules: payment must be in cash or its equivalent; Buyer and seller must be unrelated and well-informed consumers.
The appraisal process:
Principles of Real Estate Value:
Sales Comparison Approach (Market Data Approach) is used for appraising residential property or vacant land (compares property to similar properties and makes adjustments).
Cost Approach (Summation Approach) is used on buildings that do not have market data because they are unusual properties (building without income).
Cost can be determined by square foot cost; Unit in place and Quantity survey method.
Depreciation: a loss in value due to any cause; any condition that adversely affects the value of an improvement.
There are 3 types of depreciation:
Effective Age: Differs from the actual age (chronological age) by such variable factors as depreciation, quality of maintenance, and the like. Chronological Age: Actual age in years of the building, based on building date.
Physical Life: Actual age or life of a structure that is considered habitable as opposed to economic life.
Economic Life: Estimated period where an improved property will yield a return over and above economic rent.
The Income Capitalization Approach is a value based on the present value of the rights to future income (for income generating properties).
Appraisals in California:
In California, there are four levels of licensing for real estate appraisers: Residential License/Certified Residential/Certified General and Trainee License
Real estate appraiser licenses are valid for two years.
No. | Subject | Date | Views |
---|---|---|---|
Notice | 부동산 용어사전 | 2019.04.15 | 2084 |
Notice | 부동산 용어 (A to Z) | 2019.03.03 | 1336 |
321 | Law 2 | 2019.05.03 | 209 |
320 | Valuable consideration | 2019.05.22 | 208 |
319 | Real Estate Practice - 39 (Understanding-Answers) | 2019.04.29 | 207 |
318 | $323,000 Anaheim, CA | 2016.11.29 | 207 |
317 | TEST 10 | 2019.03.05 | 206 |
316 | Redding-2 | 2017.04.02 | 204 |
315 | Townhouse/Villa- 364,888 | 2017.02.08 | 203 |
314 | Consideration | 2019.07.07 | 202 |
313 | Associate Licensees | 2019.05.27 | 202 |
312 | $375,000- 1975 W Clipper Lane #59 Anaheim, CA 92801 | 2017.01.23 | 202 |
311 | Chapter 13 Conclusion | 2019.04.27 | 200 |
310 | Chapter Conclusion Chapter 16 | 2019.04.29 | 199 |
309 | Chapter 13 Quiz | 2019.04.27 | 199 |
308 | 14-bed RCFE Facility for Sale Los Angeles County, CA | 2022.09.01 | 197 |
307 | PRIVATE REMARKS | 2021.12.27 | 195 |
306 | quiet title | 2019.05.22 | 188 |
305 | Anaheim, CA 92804 new | 2017.06.19 | 187 |
304 | Real Estate Law 3 | 2019.05.04 | 186 |
303 | Garden Grove, CA 92840-$339,000 | 2017.03.17 | 186 |
302 | Chapter 3 TEST (2nd) | 2019.03.02 | 185 |
301 | Prohibited Acts | 2023.07.06 | 181 |
300 | Real Estate Law 104 | 2019.05.17 | 181 |
299 | Chapter 1 Quiz | 2019.04.11 | 181 |
298 | route | 2021.09.01 | 180 |
297 | Passive fraud | 2019.05.31 | 180 |
296 | discriminate | 2019.05.22 | 179 |
» | Chapter 18 Conclusion | 2019.03.23 | 179 |
294 | (new) Anaheim, CA 92804 | 2017.06.20 | 179 |
293 | Chapter 7 Quiz | 2019.04.14 | 177 |
292 | 3 | 2017.07.19 | 174 |