About This Chapter
Real Property Measurement & Valuation - Chapter Summary
Lessons in this chapter simplify the process of understanding real property measurement and valuation concepts. Learn what property means from a legal standpoint, and examine ways real property is valued and measured. Explore these concepts at a pace that is comfortable for you. In no time, you will be ready to:
- Provide the legal description of property, and discuss its importance
- List methods for measuring and tools for surveying real property
- Define property valuation, appraisal and depreciation
- Interpret the area-regional and neighborhood analysis portion of property appraisal report
- Describe the analysis of market data when appraising property
- Share the meaning of BPO in real estate
- Differentiate between real property and personal property
Review the video and text lessons in this chapter in any sequence and as often as needed to comprehend real property measurement and valuation. Lessons are accessible from any computer, smartphone or tablet. Assess your knowledge by taking short multiple-choice quizzes. A chapter exam is also available to reinforce lesson concepts.
1. Legal Description of Property: Definition, Importance & Example
The legal description of a property provides a clear and lawful definition of a property's boundaries. We will cover the importance of this document, the essential elements, and the methods surveyors use to create and confirm legal descriptions.
2. Tools Used to Survey Real Property
Some old legal descriptions of property involve chains, links and rods. You'll learn about these ancient surveying tools and how they translate into more conventional and familiar measurements. We'll also look at some of their modern counterparts.
3. Property Valuation: Definition & Principles
Valuing property accurately is very important to sellers, home purchasers, lenders, and real estate investors. In this lesson, you'll learn about property valuation and some of its key principles.
4. Property Appraisal: Definition, Purpose & Process
Let's take a look at property appraisal and broad explanations of different approaches. We'll discuss how these approaches work and what purposes they serve, and help understand how they tie into the final reconciliation of value.
5. Property Depreciation: Definition, Importance & Types
This lesson defines depreciation as it applies to real estate property valuation. We will cover the different types of obsolescence that are factors in depreciation.
6. Area-Regional & Neighborhood Analysis in Property Appraisal
In this lesson, you will learn how to interpret the area-regional and neighborhood analysis section in a property appraisal report. Many factors and considerations determine if the current use of the property is the highest and best available.
7. Market Data Analysis in Property Appraisal: Definition & Factors
Comparative Market Analysis (CMA) is a method for pricing a real estate property that is for sale. Factors that are important in CMA include market area delineation, demand analysis, supply analysis, absorption analysis, vacancy analysis, and market rental analysis.
8. What is a BPO in Real Estate?
Before making a decision regarding selling, buying, or renting their home the owner will want to know it's accurate value. A broker price opinion provides an alternative to an appraisal that allows homeowners to learn the value at a low cost.
9. Real Property and Personal Property: Definition and Differences
Much of business law deals with property. There are actually two different types of property: personal property and real property. This lesson explains the differences between these two types of property.
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Other chapters within the North Carolina Real Estate Broker License: Study Guide course
- Agency Relationships
- Types of Contracts
- Real Estate Contracts
- Real Property Ownership
- Land Use: Restrictions, Regulations & Government Control
- Finance & Financing in Real Estate
- Government Oversight in Real Estate
- Conveyance of Real Property
- Marketing Regulations in Real Estate
- Property Management & Tenant Rights
- Real Estate Calculations
- North Carolina Real Estate License Law
- General Real Estate Topics
- North Carolina Real Estate Broker License Flashcards