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  • Chapt 11

    Diunggah oleh

    Souradeep Paul
    19 tayangan15 halaman
    This document provides an overview of real estate appraisal, including understanding the appraisal profession and different types of licenses. It defines market value and describes the traditional appraisal process of defining the problem, collecting data, analyzing highest and best use, and applying the sales comparison, cost, and income approaches to determine a value. Key appraisal principles like anticipation, substitution, and the four forces affecting property value are also summarized.

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    This document provides an overview of real estate appraisal, including understanding the appraisal profession and different types of licenses. It defines market value and describes the traditional appraisal process of defining the problem, collecting data, analyzing highest and best use, and applying the sales comparison, cost, and income approaches to determine a value. Key appraisal principles like anticipation, substitution, and the four forces affecting property value are also summarized.

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    © All Rights Reserved
    Unduh sebagai PPT, PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    19 tayangan15 halaman

    Chapt 11

    Diunggah oleh

    Souradeep Paul
    This document provides an overview of real estate appraisal, including understanding the appraisal profession and different types of licenses. It defines market value and describes the traditional appraisal process of defining the problem, collecting data, analyzing highest and best use, and applying the sales comparison, cost, and income approaches to determine a value. Key appraisal principles like anticipation, substitution, and the four forces affecting property value are also summarized.

    Hak Cipta:

    © All Rights Reserved
    Unduh sebagai PPT, PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    dari 15

    Real Estate Appraisal

    Chapter 11

    Real Estate Appraisal


    Understanding the Appraisal Profession
    FIRREA
    State requirements
    Licensed appraisers
    Certified residential appraisers
    Certified general appraisers

    Real Estate Appraisal


    What is Value?
    Investment value
    The value of property to a specific investor

    Real Estate Appraisal


    Market Value
    The most probable price which a property should
    bring in a competitive and open market under all
    conditions requisite to a fair sale, the buyer and
    seller, each acting prudently and knowledgeably,
    and assuming the price is not affected by undue
    stimulus. Implicit in this definition is the
    consummation of a sale as of a specified date and the
    passing of title from seller to buyer under conditions
    whereby:

    Real Estate Appraisal


    Market Value (Contd)
    1. Buyer and seller are typically motivated;
    2. Both parties are well informed or well advised, and acting in
    what they consider their own best interest;
    3. A reasonable time is allowed for exposure in the open market;
    4. Payment is made in terms of cash in U.S. Dollars or in terms of
    financial arrangements comparable thereto; and
    5. The price represents the normal consideration for the property
    sold unaffected by special or creative financing or sales
    concessions granted by anyone associated with the sale.

    Real Estate Appraisal


    What is Value?
    Price versus market value
    Market value versus cost of production
    Other types of value
    Assessed value
    Insurable value (Improvements Only)

    Real Estate Appraisal


    Key Appraisal Principles
    Anticipation - TVM
    Substitution
    Contribution

    Real Estate Appraisal


    Key Appraisal Principles
    Change - Four Forces

    Physical (location)
    Economic (financial)
    Social
    Political

    Real Estate Appraisal


    The Traditional Appraisal Process
    Definition of the problem

    Type of value-purpose
    Description of property
    Specific property rights
    Effective date

    Data selection and collection


    General market analysis
    Specific property analysis

    Real Estate Appraisal


    The Traditional Appraisal Process
    Highest and best use analysis
    As though vacant
    Land with improvements

    Application of the three approaches to


    valuation
    Sales comparison approach
    Cost approach
    Income approach

    Real Estate Appraisal


    The Traditional Appraisal Process
    Reconciliation of value indications
    Certification and Report of Estimated Value

    Real Estate Appraisal


    Sales Comparison Approach
    Comparable sales data
    Selection (how similar are they?)
    How many comparables?

    Real Estate Appraisal


    Sales Comparison Approach
    Adjustment of sales data
    Elements of comparison

    Property rights conveyed


    Conditions of sale
    Financing terms
    Market conditions
    Locational characteristics
    Physical characteristics

    Applicability of the sales comparison approach

    Real Estate Appraisal


    Cost Approach
    Estimating site value
    Estimating production cost
    Reproduction cost
    Replacement cost

    Estimating accrued depreciation


    Physical deterioration
    Functional obsolescence
    Economic obsolescence

    Applicability of the cost approach

    Real Estate Appraisal


    Income Approach
    Gross income multiplier
    Net income capitalization
    Discounted cash flow
    Applicability of the income approach

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