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Summary: Real Estate Valuation Principles And Applications | 9780971222601 | Kenneth M Lust
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Read the summary and the most important questions on Real Estate Valuation Principles and applications | 9780971222601 | Kenneth M. Lust
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1 Real Estate Appraisals and the Appraisal Process
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Why are Real Estate Appraisals Needed?
They need to produce an value estimated with a spare availability of information -
What are the three approaches for the Appraisal Process
The Sales Comparison Approach, The Cost Approach, The Income Approach -
How is value determined in the Sales Comparison Approach
Value of subject = Prices of comparable properties +- adjustments for differences -
How is value determined in the Cost Approach
Value = Cost to reproduce the improvements as if new - Accrued depreciation on the improvements + Land value -
How is value determined in the Income Approach
Value = Present value of anticipated income (DC, DCF, Finance/Tax explicit) -
2 Price and Value in Real Estate Markets
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What is the current definition of market value in wide use?
Market Value is the most probable selling price which a specified interest in real property -
What is the meaning of competitive markets?
Markets that tend to be in equilibrium. Prices can be trusted to represent true value. -
What is the modified definition for market value to minimize misinterpretation by appraiser and the client
Market value is the expected selling price of the specified real property right in an arm's length transaction, as of the date of the appraisal, and assuming a reasonable exposure to the market -
What are the other kinds of values different from the market value?
(1) Investment value, (2) Use value, (3) Assessed value, and (4) Insurable value -
5 Expected Use Analysis
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Which four criteria does the expected use analysis has to meet?
The four criteria are:
1. Legal permissible
2. Physically Possible
3. Financially Feasible
4. Maximal Productivity
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