Definition of market value?
Present worth of all benefits
Two reasons you ever buy anything?
Need it or want it! Utility vs desire
How many comps do you want?
Whatever the market will give you! At least 3 is good
Can i use listings as comparables?
Can be, but usually not most reliable
As an appraiser, can you take contingency comp?
NO, have to act as a disinterested 3rd party
Tangible vs intangible. Which of these likely involves an intangible?
...
Highest and best use. Should we tear building down or not?
analyze as if improvements are not there
People who appraisers can disclose info to:
client, court, peer review committee, and regulatory agencies
Which economic principle kicks in?
Sales comp: substitution
Income approach: anticipation
What is the overall cap rate a measurement of?
One years income for investment made
Why do I ever do a reconciliation?
If you have more than one answer. If sales comparison and income approach are different
Do residential forms have to be USPAP?
YES
Appraisal consulting assignment:
doing something outside of just a value