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In the sales comparison approach, what is the indication of value for the subject property
with the information given?
The subject property is a 2,000 square foot home with 3 bedrooms, 2½ baths, and a 1-car
garage. The comparable property is a 2,150 square foot home in the same neighborhood
with 3 bedrooms, 2 full baths and a 2-car garage. The comparable property sold for
$215,000 last week. The market
values additional square footage at $80 per square foot;
full baths are valued at $4,000 and half baths at $2,500; 2-car garages are worth $10,000.
a. $195,500
b. $200,500
c. $203,000
d. $229,500
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What is the most common appraisal report used today?
The Uniform Residential Appraisal Report (URAR) is the most commonly used single-family appraisal form, and it is also known as Form 1004. Keep in mind that Form 1004C is used for appraising single-family manufactured housing, while Form 1073 is used for condominium units.
Which of the following appraisal reports is the most detailed?
A comprehensive appraisal report is a “complete” appraisal. It is the most detailed appraisal report available.
Which of the following best describes what an appraisal is?
Which of the following best defines appraising? Appraising is the process of developing an opinion of the value of real property.
When conducting an appraisal an appraiser collects general local and specific data what typically are general data sources?
The background information gathered on the property to conduct an appraisal is divided into two categories: General data: Information on the region, city and neighborhood surrounding the property; and. Specific data: Information on the location, lot and improvements.