Fill in the Blank Q&A Flashcards
? is an increase in value due to owner’s efforts
Earned increment
? is an increase in value due to no effort by the owner
unearned increment
A loss is value due to physical wear and tear is ?
Deterioration, Curable
Loss in value due to outdated features such as an old bathroom or kitchen is defined as ?
Functional Obselescence, is curable
Loss in value created by a poor floor plan is defined as ?
Functional Obsolescence, usually incurable
A bedroom w/ no closet is an example of ?
Functional Obselescence
A home located on a busy street is an example of ?
Economic aka External Obsolescence
Estimating the value of a property by comparing it to similar properties is the ?
Comparison Approach/Market Data
When performing the comparison approach, an appraiser should use comparable properties that were sold recently (T/F)
True
The property being appraised is referred to as ?
Subject property
A minimum of ? comparables should be used when using the comparison approach
3
In the comparison approach, adjustments are often made to bring the ? properties in line with the ? property.
Comparible
Subject
When using the comparison approach, adjustments are made ony to the ?
comparables
The property with the most or least adjustments is the most comparable?
Least
If the subject property is better than the comparable, you must subtract or add to/from the value of the comparable?
ADD
