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21 Cards in this Set

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Define CMA.
Competitive Market Analysis. Analysis chart with previous/current home prices in area used to determine listing prices.
Name the three types of values real estate may be valued at.
Its tax value, insurance value, and market value.
Define CMA.
Competitive Market Analysis. Analysis chart with previous/current home prices in area used to determine listing prices.
Name the three types of values real estate may be valued at.
Its tax value, insurance value, and market value.
Name the four phases of the life cycle of real estate.
Integration, equilibrium, disintegration, and rejuvenation.
Define integration.
The begining stage of the four phases of real estate's life cycle. It is the initial stage when the neighborhood is being developed.
Define equilibrium in relation to real estate's life cycle.
The phase when the neighborhood is changing very little, a period of stability.
Define disintegration in relation to real estate's life cycle.
The phase after equilibrium when the economic usefulness of the properties in the neighborhood is almost over.
Define rejuvenation in relation to real estate's life cycle.
Also known as rebirth or revitalization. It is a stage of renewal. Structures in the neighborhood are rebuilt and sometimes the properties are put to new use.
Name and define the three types of depreciation.
Deferred depreciation - Normal wear and tear due/physical deterioration.
Functional obsolescence - Deteriation due to design deficiency.
External obsolescence - Deteriation due to external factors such as an airport nearby, freeway, etc...
Name the four phases of the life cycle of real estate.
Integration, equilibrium, disintegration, and rejuvenation.
Define integration.
The begining stage of the four phases of real estate's life cycle. It is the initial stage when the neighborhood is being developed.
Define equilibrium in relation to real estate's life cycle.
The phase when the neighborhood is changing very little, a period of stability.
Define disintegration in relation to real estate's life cycle.
The phase after equilibrium when the economic usefulness of the properties in the neighborhood is almost over.
Define rejuvenation in relation to real estate's life cycle.
Also known as rebirth or revitalization. It is a stage of renewal. Structures in the neighborhood are rebuilt and sometimes the properties are put to new use.
Name and define the three types of depreciation.
Deferred depreciation - Normal wear and tear due/physical deterioration.
Funtional obsolescence - Deteriation due to design deficiency.
External obsolescence - Deteriation due to external factors such as an airport nearby, freeway, etc...
What is an arm's length transaction?
An arm's length transaction is a sale in which both parties are informed of the property's merits and shortcomings, neither is acting under unusual pressure, and the property has been on the open market for a reasonable time. You should use only arm's length transactions as a comparable.
Give example's of transactions that are not arm's length.
Foreclosures, relative to relative transactions. (i.e. a transaction which situations may have influenced the price of the transaction therefore causing its price to be different from actual market value.)
The process of evaluating the adjusted prices of the comparables to arrive at an estimate of the subject property's market value is called _____________.
Reconciliation.
What is submitted to a lender if an appraiser appraises a home significantly below the price agreed upon between the seller and buyer?
Request for reconsideration of value.
Name five things you should bring with you to a listing appointment.
1) Competitive market analysis.
2) Listing agreement.
3) Marketing plan.
4) Agent/Brokerage information.
5) Net proceeds to seller.