Chapter 9 Review: Comparative Market Analysis Flashcards
1
Q
An appraisal is an estimate of ______ _______ prepared by a licensed appraiser
A
market value
2
Q
A ____ is an estimate of a property’s value provided by a licensee to a lender
A
BPO (Broker Price Opinion) or BOV (Broker Opinion of Value)
3
Q
A CMA is a _______ of what a property is worth on the day it is created
A
snapshot
4
Q
The principle of substitution says that buyers, given a choice of two properties that are equally appealing, will choose the one that is the
A
less expensive
5
Q
When doing a CMA, make all adjustments to the
A
comparable
6
Q
Reconciliation of value is based on interpretation of all factors that affect the value of the subject property
A
interpretation
7
Q
The 3 types of appraisal methods are
A
1) Comparable Market Approach
2) Income Approach
3) Cost Approach
