The Valuation Process & Pricing Properties

Question 1

A CMA (comparative market analysis) is not a/an ____________.

Answer 1

Appraisal

Question 2

An estimation of how much a property will sell for in a typical transaction is the ____________.

Answer 2

Market Value

Question 3

The lowest price a seller will take, the highest price a buyer will pay is called the ____________.

Answer 3

Market Value

Question 4

An apartment building has a heating system which although is in good repair, does not meet the needs of its current tenants. This is an example of ____________.

Answer 4

Functional Obsolescence

Question 5

Which term best identifies the most probable price for which specified property rights should sell to a knowledgeable buyer in a competitive market?

Answer 5

Market Value

Question 6

What is a study of recently sold properties, currently competing listings, monthly expired listings, buyer appeal market position, assets and drawbacks, area market conditions, recommended terms and market value range?

Answer 6

Comparative Market Analysis (CMA)

Question 7

____________ is money. ____________ is ideas.

Answer 7

Valuation, Evaluation

Question 8

If someone asks for a valuation of their real estate, what do they want?

Answer 8

An appraisal or comparative market analysis