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REAL ESTATE > unit 9 > Flashcards

unit 9 Flashcards

1
Q

property valuation

A

process of estimating the value of real property

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2
Q

Land

A

Ground and what is below and above it. (eg, soil, sand, gravel)

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3
Q

real estate

A

unimproved RAW land, buildings other fixed improvements to the land

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4
Q

real property

A

land, any permanent improvements, and property rights go with the land’s ownership.

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5
Q

process of determing assessed property values by collecting relevent sales date over a specific time for the same type of property in a similar area

A

mass appraisal

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6
Q

comparative market analysis

A

compares recent sales of similar properties in same area as the subject property.
Usually for residental

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7
Q

income analysis

A

examines the revenue and expenses associated with the subject property and arrives at a calculation

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8
Q

cost analysis

A

relies on solid and in-depth knowledge of the cost of construction

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9
Q

retrospective

A

estimating property value from the past

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10
Q

prospective

A

forecasting future property values

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11
Q

commodity

A

raw material or product that is bought and sold

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12
Q

individuals estimate of value a particular item. Personal estimate of. the current/future benefits of the team based on EMOTION

A

subjective value

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13
Q

objective value

A

the cost of the land plus the cost of creating any buildings

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14
Q

value in use

A

an individual may pay more for a property if it has a specific us than a typical buyer would

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15
Q

based on replacement or reporodction costs of all aspects of property that may be damaged/destroyed

A

insurable value

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16
Q

market price

A

amount of money paid for a particular property because of a real estate transaction

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17
Q

buyers market

A

when market supply is strong and buyer demand is weak

18
Q

seller’s market

A

demand from buyers is strong and the supply available is low

19
Q

substitution

A

buyer will not pay more for a property than the cost

20
Q

contribution

A

value of a property (features) make the overall value go up

21
Q

progression
regression

A

when properties in the same area have lesser value, they will be increased in value by their close proximity to others with greater value

22
Q

anticipation

A

paying more for certain property because it’s worth what they’re looking for and will benefit them in the future.

23
Q

provides bare. essentials, helps real estate apprasials to quickly complete the report & helps readers of the report to quickly relocate info

A

form report

24
Q

a brief statement of a real estate appraisals estimate of value

A

letter of opinion

25
Q

the full report, describes the area analysis in detail, identifies & fully describes the subject property, identifies approaches used, and explains the reasoning behind the final estimate

A

narrative report

26
Q

Matters of property the crown typically refers to?

A

Provincial gov

27
Q

fixed capital
working capital

A

includes plant, machinery, equipment, factories
inventories of finished and semi-finished goods

28
Q

principle of increase and decrease

A

Receive more value to the property when you repair/update something. But if you add something again which is not relevant will not boost value.

29
Q

direct comparison approach

A

direct comparison of the subject property to similar properties in the same area that have recently sold

30
Q

used when estimating the replacement reproduction value of a property.

A

cost approach

31
Q

provide an estimate of value for income-producing properties. (Revenue properties)

A

income approach

32
Q

two main categories of data used by real estate appraisers

A

general, specific

33
Q

area life cycle stages

A

growth, stability, decline

34
Q

characteristics of value in relation to commodity

A

utility, scarcity,marketability

35
Q

buyers market =

A

supply is high, buyer demand is weak which decreases prices

36
Q

sellers market=

A

supply is low, buyer demand is high which increases prices.

37
Q

which principle of value allows adjustments to be made to the sale prive of comparable properties?

A

contributions

38
Q

which principle of value explains the interaction of buyers and sellers in marketplace?

A

supply and demand

39
Q

which principle of value should real estate prof keep in mind when helping owners determine an asking price

A

substitution

40
Q

which principle of value is represented by the formula, net income-operational expenses

A

principle of surplus productivity

41
Q

what is included when valuing a real estate property

A

fixed approvement, property rights, surface resources

REAL ESTATE (13 decks)

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