Real Estate Appraisal Homework Help
Real Estate Appraisal Homework
Real estate appraisal is the process of coming up with an opinion value for real property. A real estate appraisal is often essential since every property is unique. HIRE WRITERS ONLINE.
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Basic real estate appraisal concepts
Definitions of terms
Demand- the willingness and ability to buy goods and services
Supply-willingness and ability to produce goods and services
Utility-the ability to satisfy the future desires and needs of an owner
Transferability-the ease of transferring ownership rights
To determine the value of a property, appraisers use the following approaches.
Sales comparison approach
The sales comparison approach is also known as the market data approach. It estimates the value of a property by comparing it with properties that have been sold recently with the same characteristic. The similar properties are known as comparables.
Sales comparison approach is suitable for determining the value of residential and commercial properties
An appraiser should include at least four comparables in the process.
The approach seeks to determine the cost of a property if it was to be replaced, after subtracting its accrued depreciation. Accrued depreciation refers to value reduction of a property due to wear and tear, over a specified period.
The cost approach is considered appropriate for newer constructions. The approach is most reliable when determining the value of a building that does not generate income such as hospitals, churches and schools.
Income capitalization approach
If a property is generating income for the owner, the income is used to calculate the property’s market value. The approach is used to determine the value of income-generating buildings such as offices, apartments and shops.
Types of real estate values
This is the amount of property the value would cost, compared to the prices of sold properties in the same location with similar characteristics.
Investment value is the value of a particular user, which may be below or above the market value
Value in use
It refers to the value of a user, and may be higher or below the market value
Real estate Appraisal data
A real estate appraisal report usually contains a lot of data concerning the property. The data is used by:
Real estate appraisals give a lot of information to prospective property buyers. Home sellers will want to sell their properties at the highest prices they would command. Buyers, on the other side, usually negotiate for the lowest prices. An appraisal report contains a nonbiased opinion of the property market value.
Lenders will demand an appraisal report to see whether a property meets specific standards. When giving a home loan, a lender will want to ascertain the value of a home.
Interest in real property
Freehold estate is a form of land ownership that does not expire. It can be passed on forever when the right criterion is met. Freehold estate is further divided into
- Fee simple absolute-this type of land ownership is complete and with no restrictions. Fee simple absolute grants ownership that includes all rights in the land. The owner may choose what to do with their land. However, the owner is limited to building codes and zoning laws in their areas
- Fee simple defeasible- this type of land ownership is subject to some conditions. If there is a violation of the conditions, the ownership is terminated.
- Life estate-a life interest expires the moment its owner dies. Life estates are not common.
Leasehold is a type of interest that grants possession for a specified duration. The duration is specified and can last for a month, a year, or many years. You sign a contract with the leaseholder, which states the legal rights and responsibilities of the two of you.
Forms of property ownership
- Sole ownership-sole property ownership occurs when one person owns the complete interest in a property
- Joint tenancy-joint tenancy occurs when two or more people have an equal, undivided interest in a property
- Tenancy in common-tenancy in common occurs when two or more people own an undivided interest in a property, but in different percentages
- Community property- in community property, a married couple acquires a property and owns it together.
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