Podcast Beta
Questions and Answers
The definition of mass appraisal is the systematic appraisal of groups of properties, as of a given date, using standardized procedures and _____
Building costs, economic conditions, and interest rates are _____ factors.
Location, condition, and construction quality are _____ factors.
The basic structure of a model for the sales comparison approach is _____
Signup and view all the answers
_____ involves the determination of what data to include in the model and in what format.
Signup and view all the answers
Determining the rates used in a model, such as adjusting formulas, tables, or schedules to the current market is known as _____
Signup and view all the answers
MV = LV + BV is the basic model structure for the _____ approach.
Signup and view all the answers
Net operating incomes and capitalization rates are requirements for the _____ model.
Signup and view all the answers
Property valuation models seek to explain or predict the _____ of properties from real estate sales and related data.
Signup and view all the answers
The hybrid (additive/multiplicative) cost model would be _____
Signup and view all the answers
The _____ is acceptable when it meets or exceeds the expectations of parties who are regularly intended users for similar assignments; and what an appraiser's peers' actions would be in performing the same or a similar assignment.
Signup and view all the answers
How many steps are in the general appraisal process?
Signup and view all the answers
An appraiser establishes the date of value opinion, defines the value to be developed, and identifies the property rights to be appraised. This is part of the _____
Signup and view all the answers
The scope of work rule has three parts and they are:
Signup and view all the answers
Study Notes
Mass Appraisal
- Mass appraisal is a systematic method to assess groups of properties at a specific date.
- It employs standardized procedures and utilizes statistical testing to maintain uniformity.
Influencing Factors
- Building costs, economic conditions, and interest rates are supply factors that affect property availability.
- Location, condition, and construction quality are demand factors that influence property desirability.
Sales Comparison Approach
- The basic structure for the sales comparison approach is represented by the formula: MVs = Sc + ADie.
Model Specification
- Model specification determines relevant data to include in models and the format for data use.
Model Calibration
- This process involves adjusting rates and formulas in models to align with current market conditions.
Cost Approach Model
- The equation MV = LV + BV describes the cost approach in property appraisal, indicating market value as the sum of land value and building value.
Income Model
- The income model relies on net operating incomes and capitalization rates to assess value.
Property Valuation Models
- Valuation models aim to explain or predict the market value of properties based on real estate sales and related data.
Hybrid Cost Model
- The hybrid cost model is illustrated by the equation MV = GO x Pt x LSIZE + IPL x BSIZE, combining both additive and multiplicative structures.
Scope of Work
- Acceptability of the scope of work depends on meeting the expectations of users and similar assignments performed by appraisers.
General Appraisal Process
- The general appraisal process involves seven key steps that guide appraisers through a systematic evaluation.
Defining the Valuation Problem
- An appraiser's initial tasks include establishing the date of value opinion, defining the value to be developed, and identifying the property rights involved.
Scope of Work Rule
- The scope of work rule consists of three parts: identifying the problem, determining and performing the scope of work, and disclosing the scope of work.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
