Step 3 Flashcards
Step 3 is C_______, V_______ and Analyze land sales
Collect
Verify
Page 61
The 3 Major components of Fair Market Value are
1 - A ________ buyer and a _______ seller
2 - No ___________ to buy or sell
3 - Both parties have reasonable __________ of the relevant facts
1 - Willing, willing
2 - compulsion
3 - knowledge
Page 63
This method involves subtracting the depreciated replacement cost of improvements from the sale price of an improved property to extract the value of the land. What is _____________?
Extraction
Page 64
This method for determining land values uses a portion or ratio of the total property value. The ratios are established from sales of improved properties.
Allocation
Page 65
The __________ of the ground rent method employs the income approach to value.
Capitalization
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