3325011
Description
Flashcards by Laila Enchante, updated more than 1 year ago
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Created by Laila Enchante
about 9 years ago
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| Question | Answer |
| Ridge | The top intersection of two opposite adjoining roof surfaces |
| roof rafters | The structural members that support the roof |
| gutter | The trough that gathers rain water from the roof |
| studs | the vertical wood members of the house, usually 2" x 4" generally spaced every 16". Interior walls that are not load bearing may you 2" x 3" studs |
| Joist | The structural members that hold up the floor or ceiling, usually 2" x 10" or 2"x12" spaced 16" apart |
| Subflooring | the plywood or composition board laid over the joists |
| underlayment | The sheets of plywood or composition board laid over sulfuring to attach finish floor covering (vinyl or hardwood). |
| Foundation wall | the wall of poured concrete or concrete blocks that rests on the footing and supports the remainder of the house. |
| Beam or girder | A main beam upon which floor joists rest. Usually of steel, but also of wood. |
| Eaves or overhang | the portion of the roof that extends beyond the exterior wall generally 1 to 3 feet. |
| Soffit | the material used to finish and enclose thieves or overhang |
| column | additional support under a beam or girder sometimes called a lolly column (steel tube filled with concrete) |
| value | the subjective feelings, emotions and desires of people |
| Price | by contrast, amount of money a buyer offers on property for sale or the actual amount of money that is paid for a property |
| Charateristics of value | Demand Utility Scarcity Transferability (DUST) |
| Principles of Value | 1. Conformity 2. Substitution 3. Progression 4.Regression 5. Anticipation 6. Highest and Best Use 7. Contribution 8. Increasing and Diminishing Returns 9. Plottage |
| Assemblage | merging adjacent |
| Appraisal | An ________ of real property is a professional written and defensible estimate of value that is determined by technical analysis |
| Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) | Mandates state licensing involving financing with a federal institution or agency |
| Board of Certified | Certified Residential Appraiser Certified General Appr. Certified Broker/ Appr. Certified Evaluator |
| market value | is the worth of a property in the marketplace; price that a buyer will offer and seller will accept for a particular property, the buyer and seller enter into a fair sale and without facing any undue pressure to act; both parties are well informed, typically motivated, enough exposure in the open marketplace |
| market price | is the actual price at which a property is sold |
| Subject property | This method is based on comparing the property being appraised |
| Comparable properties "comps" | other similar properties |
| To make an accurate comparison | 1) be as similar to the subject property as possible 2) be as close in proximity to the subject property as possible 3) have sold within 1 year prior to the appraisal (preferably within 6 months prior to the appraisal) |
| Comparative (competitive) market analysis | is used by real estate agents to help a buyer determine an offering price to purchase real property or to help a seller arrive at a realistic price when listing a house for sale |
| Reproduction cost | is the cost at current prices to construct an identical house or building to that of the subject property |
| Replacement cost | is the cost at current prices to construct an substantially similar house or building to that of the subject property |
| Depreciation | is a decline in value |
| Physical deterioration | the normal wear and tear use of property as well as acts of nature |
| Functional Obsolescence | This type of depreciation would apply when some function of a building is out of date with contemporary housing standards |
| External depreciation | Based upon a poor location or negative factors in the surrounding neighborhood a property could decline in value; economic depreciation; locational depreciation |
| economic age life method (straight line method) | somewhat inexact means of determining the amount of depreciation to be found in a property being appraised |
| Capitalization | is the process of determining the present value of a property from its future income |
| Reconciliation | in real estate appraisal, is the process of coming to a final conclusion of value usually by choosing the one approached to value that is most suitable for the property being appraised |
| never to be averaged | values resulting from the three approaches are ____________________ |
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