Flashcards - Valuation of Real Property

Flashcards - Valuation of Real Property
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fixture
A fixture, as a legal concept, means any physical property that is permanently attached to real property Property not affixed to real property is considered chattel property
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Fannie Mae
The Federal National Mortgage Association , commonly known as Fannie Mae, is a government-sponsored enterprise and, since 1968, a publicly traded company
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depreciation
Depreciation refers to two aspects of the same concept: * The decrease in value of assets * The allocation of the cost of assets to periods in which the assets are used A method of reallocating the cost of a tangible asset over its useful life span of it being in motion
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cost approach
In real estate appraisal, the cost approach is one of three basic valuation methods
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chattel
Personal property is generally considered property that is movable, as opposed to real property or real estate
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appraiser
An appraiser , is one who sets a value upon property, real or personal
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appraisal
Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property
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14 cards in set
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appraisal
Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property
appraiser
An appraiser , is one who sets a value upon property, real or personal
chattel
Personal property is generally considered property that is movable, as opposed to real property or real estate
cost approach
In real estate appraisal, the cost approach is one of three basic valuation methods
depreciation
Depreciation refers to two aspects of the same concept: * The decrease in value of assets * The allocation of the cost of assets to periods in which the assets are used A method of reallocating the cost of a tangible asset over its useful life span of it being in motion
Fannie Mae
The Federal National Mortgage Association , commonly known as Fannie Mae, is a government-sponsored enterprise and, since 1968, a publicly traded company
fixture
A fixture, as a legal concept, means any physical property that is permanently attached to real property Property not affixed to real property is considered chattel property
income approach
The Income Approach is one of three major groups of methodologies, called valuation approaches, used by appraisers
incorporeal property
Intangible property, also known as incorporeal property, describes something which a person or corporation can have ownership of and can transfer ownership to another person or corporation, but has no physical substance, for example brand identity or knowledge/intellectual property
Loan origination
Loan origination is the process by which a borrower applies for a new loan, and a lender processes that application
Market value
Market value or OMV is the price at which an asset would trade in a competitive auction setting
principle of highest and best use
Highest and best use, or highest or best use , is a concept that originated with early economists such as Irving Fisher , who conceptualized the idea of maximum productivity
secondary mortgage market
The secondary mortgage market is the market for the sale of securities or bonds collateralized by the value of mortgage loans
zoning
Zoning describes the control by authority of the use of land, and of the buildings thereon

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