Term
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Definition
| unbiased written estimate of the mkt value of a property (referred to as "subject property") |
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Term
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Definition
| doc the appraiser submits to the client & contains the appraiser's final estimate of value, the data upon which the estimate is based, & the reasoning & calcs used to arrive @ the estimate |
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Definition
| most probable selling price, assuming "normal" sale conditions |
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Definition
| value a particular investor places on a property |
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Definition
| prices we observe on sold properties |
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Term
| Uniform Standards of Professional Appraisal Practice (USPAP) |
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Definition
| req'd & followed by all states & federal regulatory agencies |
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Term
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Definition
1. legally permissible
2. physically possible
3. financially feasible
4. maximally productive |
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Term
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Definition
| In assigning a final (single) estimate mkt V, the appraiser weighs the relative reliability of value indicators for the property being valued |
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Term
| self-contained appraisal report |
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Definition
| includes all the detail & info that were relevant to deriving mkt V/the other conclusions w/in the report |
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Definition
| summarizes the conclusions of the appraisal |
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| restricted appraisal report |
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Definition
| provides a minimal discussion of the appraisal w/lg #'s of references to internal file doc |
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Term
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Definition
| similar property to that of the subject property |
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Term
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Definition
| the value of measurement determined by the appraiser in regards to subject property and comparable |
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| arm's-length transactions |
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Definition
| a fairly negotiated transaction that occurred under typical mkt conditions |
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Term
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Definition
| considered when employing sales comparison approach |
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Term
| transactional adjustments |
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Definition
| concern the nature & terms of the deal |
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Term
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Definition
| recognize that the locational, physical, & econ diffs between props, + the ways that the props are used & the presence/absence of personal prop, all can +/- incrementally to base V |
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Term
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Definition
| result from general price inflation/deflation/changes in local cond of S&D |
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Term
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Definition
| tracking the prices of indiv props as they sell repeatedly over time |
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Definition
| personal prop; furniture, equipment, rugs, fireplace equipment, & TV's |
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