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Flashcards in Appraisal - Study Sheet Deck (15):
1

Cost Approach
3 components of depreciation

Physical
Functional
External

2

Economic
Neighborhood Life Cycle
4 components

Growth
Stability
Decline
Renewal

3

Highest and Best Use
4 Tests

Legally Feasible
Physically Possible
Financial Feasible
Maximum Productive

4

Value
4 Elements

D - Demand
U - Utility
S - Scarcity
T- Transferability

5

Value
4 Forces

Economic
Social
Governmental
Environmental

6

Economic
Production - 4 agents

Land
Labor
Capital
Entrepreneurship

7

Real Estate
6 Bundle of Rights

The right to use and occupy the real property
The right to sell it part or in whole
The right to leave it to someone, give away
The right to rent/lease
The right to transfer by contract
The right to do nothing at all

8

Math
Sinking Fund Factor

The amount and frequency of pmt that must b e deposited to achieve a specified financial goal over a specified amount of time

9

Math
Amortize

The period of pmt schedule necessary, including interest and principle, to reduce the debt with equal payment

10

Encumbrances

Liens (Money related)
Encumbrances (use or physical condition is affected)

11

Encumbrances - Liens

Tax Liens
First Mortgage
Equity Loans
Mechanics' Liens
Judgements
Attachments

12

Encumbrances

Leases
Easement (Appurtenant and Gross)
Encroachments
Deed restrictions
Reservations

13

Real Property

land improvements and certain rights/interests/benefits
Cannot be moved

14

Fixture

one time was personal property, but was attached to the real estate in a permanent manner

15

Trade Fixture

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