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Real Estate Appraisal

Chapter 14
Horizontales
__ value is value based on actual dollars paid.
__ Cost is the cost to rebuild the previous structure using materials that are standard in today’s market.
__ are features of a property or community that makes it more desirable to the property owner.
__ Obsolescence is due to a change in design features.
The cost to rebuild the previous structure making it look as closely to the exact look of the previous building as is possible is known as __ cost.
Physical __ is caused by age and normal wear and tear.
__ value is what the lender determines the value to be.
Principle of __ means property is valuable because of the future benefits it is expected to provide.
Comparative Market Analysis
The number of units that are not currently occupied is referred to as __.
Verticales
The __ Approach considers the cost to replace the property if it had to be reconstructed under current conditions.
There must be a certain level of __ for a property or it does not have value.
__ is a reduction in the value of an asset with the passage of time, due in particular to wear and tear.
If the property cannot be sold due to a title defect then it has no __.
Principle of __ - A house that looks similar to the houses around it will achieve its maximum value.
__ value is the likely cash price a property would bring in a fair sale in a competitive and open market within a reasonable marketing period of time.
Broker Price Opinion
__ value is the original amount paid less depreciation.