Valuation and Market Analyis 7.5%

Question 1

Appraisal requirements?

Answer 1

Residential properties valued at $400,000 or less are exempt from federal appraisal requirements, but state law may require a licensed or certified appraiser.

Question 2

Assessed value?

Answer 2

Is for tax purposes not appraisals

Question 3

AIR is connected with__?

Answer 3

Conventional loans

Question 4

market value?

Answer 4

is the most probable price a property will sell for in an open market if neither the buyer nor the seller is under duress.

Question 5

Value?

Answer 5

is a property’s objective worth and may not equal price or cost.

Question 6

Cost?

Answer 6

the amount to recreate that property if it disappeared off the face of the earth today.

Question 7

Market price?

Answer 7

the amount a buyer paid for a property and the seller accepted.

Question 8

GIM?

Answer 8

used for the appraised value of five or more units

Question 9

GRM?

Answer 9

used for the appraised value of four or fewer units.