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| Pregunta | Respuesta |
| what is eminent domain? | the govt has ultimate control over the land and can compulsoritly acquire it |
| What are the economic characteristics of land? | -market ltd to geographic area -thin trading (trends hard to spot -income derived by externalities -property is heterogeneous |
| Define Joint tenants | two people in joint ownership, if one dies the other automatically receives their share |
| Define Tenants in Common | Two or more people with divided shares in a property as specified (eg 30/70) each person can leave their share to someone else in their will |
| Define sole ownership | A person who own a property by themselves |
| Which is the mortgagor/mortgagee | Mortgagor is poor, is the borrower Mortgagee is the bank. |
| What is a flat mortgage? | interest only mortgage, often shorter term 3-5 years |
| What is a table mortgage? | Equal payments consisting of principal and interest -use an amortisation table to work out |
| What are the 3 R's of credit? | Returns Repayment capacity of borrower Risk bearing ability |
| What are the 5 C's of credit? | Character Capacity to pay Collateral Capital Conditions |
| What is the mirror principle? | The register accurately mirrors the legal position of the piece of land |
| What is the curtain principle? | anyone investigating shouldn't need to look behind the curtain of the register |
| What are the three components of value? | value is related to a combination of a property's income producing ability, prices paid for similar properties a property's cost to replace |
| What is Vp accoding to Ratcliff | price in dollar terms a prediction a probability a pragmatic objective value |
| What are the four characteristics of value? | utility scarcity demand transferability |
| Are rating valuations usually higher or lower than market value? | rating valuations have a reputation for being conservative (on the low side) |
| What are the steps in the valuation process? | 1. receive instructions 2.define the problem 3. inspect the property 4. collect data 5 analyse data 6 select valuation approaches 7. calculate and compare results 8 write and despatch report |
| What is the sales approach and what concept is it based on? | Comparing the target property with similar sales in the area. Based on substitution. |
| What are the steps in the sales comparison method? | 1 Collect & verify sales and physical data 2. Select the most comparable sales 3. Analyse sales - (unit of comparison) 4 Compare sales evidence to subject 5. Estimate the value of the subject property |
| What adjustment may be required to sales information when using the sales comparison method? | adjustments for time structural improvements land (depth tables & area comparison) |
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