Basic Appraisal Procedures (Course 4)

Valuation Process

Steps of the Valuation Process

Sub-steps of Defining the problem

Real property

USPAP: market value

Effective Date

Extraordinary assumption

Hypothetical condition

Workfile contents

General Data

General Data Forces

Specific Data

Sources of General Data

Trade Associations

Sources of Specific Data

Specific Data provided by the deed

Flood maps are prepared by...

Site

Total property value

Separate site valuations may be required in...

Cost Approach

Depreciated Value

Condemnation Appraisals

Brownfield

The most common contaminant

Extraction Method (Abstraction Method)

Allocation Method

Land Residual Method

Ground Rent Capitalization Method

Relative comparison analysis

Ranking analysis

"Prairie Style" Homes

Five basic housing types

Manufactured Home

Modular Home

Gross Living Area

Gross Building Area

Soil Maps

Wood foundations

Parging

Girders

Most popular framing

Headers

Current Siding

"R" Factor

Increase the insulating capacity in modern windows

Electric Heat Pumps

Knob and Tube

Cost Approach Formula

Cost Approach

Reproduction Cost

Replacement Cost

Entrepreneurial Incentive

Cost Approach is Most Applicable

Most Common unit of construction costs

Major Cost Estimating Services

Direct Costs

Indirect Costs

Entrepreneurial Incentive

Traditional Cost Estimating Methods

Comparative-unit method

Unit-in-place method

Quantity survey method

Functional Obsolescence

External Obsolescence

Effective Age

Age-Life Method

Deferred Maintenance

Sales Comparison Approach

10 Basic Elements of Comparison

Comparative analysis

Paired Data Analysis

Relative comparison analysis

Buydown

GBA vs. GLA

Overall Capitalization Rate (Ro)

Excess Rent

Deficit Rent

Types of Variable Expenses

Potential Gross Income

Effective Gross Income

Direct vs. Yield capitalization

GRMs vs. GIMs