Market value
Most probable price in open market.
Public flashcard set
Real Estate Appraisal
Value and comps.
real-estate exam career
Flashcards
Appraisal
Licensed opinion of value.
CMA
Comparative market analysis by agent.
Sales comparison
Value from similar recent sales.
Cost approach
Value = cost to replace − depreciation + land.
Income approach
Value from property income potential.
Highest and best use
Most profitable legal use.
Principle of substitution
Buyer won't pay more than comparable.
Depreciation
Loss in value from any cause.
Functional obsolescence
Outdated design/features.
External obsolescence
Value loss from outside factors.
Progression / regression
Neighboring values influence subject.
Arm's length transaction
Unrelated parties, no duress.
URAR
Standard residential appraisal form.