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Appraisal > Appraisal - Type of Value > Flashcards

Appraisal - Type of Value Flashcards

1
Q

investment value

A

base d on client’s criteria and requirements in owning a property

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2
Q

Life estate termination

A

“goes on” interest -> remainderman “goes back or revert” -> revisionary

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3
Q

Life estate

A

freehold estate

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4
Q

Corporation own by more than one stock holder

A

ownership in severalty (one person or entity)

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5
Q

Estate from Period to Period (Periodic estate)

A

month to month

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6
Q

Allodial System

A

complete ownership of real property

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7
Q

Easement by necessity

A

property is landlocked without the easement

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8
Q

Easement by express reservation

A

owner reserved the access for himself

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9
Q

Easement by prescription

A

the use has existed over a period of time, thus implying an easement

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10
Q

Easement by implication

A

implied method through apparent long-standing use

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11
Q

Termination of easement

A

electric power company permanently remove its power lines from a utility easement, but does NOT notify the owner of the property the easement runs across

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12
Q

Easement vs. license

A

Easement - permanent right

License - revocable permission

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13
Q

Ground lease (land lease)

A

the expiration of the lease is usually related to the economic life expectancy of the structure built on it

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14
Q

Fee simple estate

A

an unconditional ownership

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15
Q

Annexation

A

conversion of personal property to real property

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16
Q

Value in use

A

the value of a particular property to a specific user at a specific point in time. Type of value can be used for schools and other properties seldom sold in the open market

17
Q

Market Value

A

Typical buyer, typical value
The most probable sale price an informed buyer will pay on a given date, with buyer and seller being typically motivated and the property having sufficient market exposure

18
Q

Book value

A

Financial statement value : Acquisition cost - accumulated depreciation (observing federal tax code)

19
Q

Loan value

A

used in financing transaction and relies on an LTV for conversion from market value

20
Q

Insurance value

A

(Replacement)Cost new - land value: insurance value is defined as the cost to replace the structure, not including the land cost

Commonly requested by individual or company who will be issuing an insurance policy

21
Q

Going concern value

A

An appraiser might need to be competent with more than 1 asset type.

Consider the total asset tangible+ intangible to sell as one unit

22
Q

Salvage value

A

useful components that could be removed or salvaged before demolition, can offset some cost.

23
Q

Liquidation value

A

value sought at foreclosure

24
Q

Appraisal Value

A

opinion (while cost and price are facts)

25
Q

Market Price

A

amount paid for a particular property

26
Q

Assessed Value

A

he value placed on property by a taxing authority for purposes of taxation

27
Q

Change

A

the only constant variable in real estate

28
Q

Prospective analysis

A

the process of using current data to estimate value into the future

29
Q

Reversionary Value

A

what property will worth at the end of a lease term

30
Q

Value - Physical Force

A

size

31
Q

No evident for the research

A

cannot develop an opinion of market value

32
Q

Determine Assessed Value

A 
First thing to know 
MARKET VALUE (not tax rate)
33
Q

Going concern

A

What the tangible and intangible assets would worth if they are sold as unit - ASSUMING BUSINESS will be WELL in the FUTURE

34
Q

Exposure time

Standard 1-2

A

When exposure time is a component of the definition for the value opinion being developed, the appraiser must develop an opinion of reasonable exposure time linked to that value opinion.

35
Q

Buyer not acknowledge

A

Sale price > Market cost and value

36
Q

Value in use

A

An opinion of market value cannot be developed

Appraisal (17 decks)

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