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21 Cards in this Set
- Front
- Back
Define CMA.
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Competitive Market Analysis. Analysis chart with previous/current home prices in area used to determine listing prices.
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Name the three types of values real estate may be valued at.
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Its tax value, insurance value, and market value.
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Define CMA.
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Competitive Market Analysis. Analysis chart with previous/current home prices in area used to determine listing prices.
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Name the three types of values real estate may be valued at.
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Its tax value, insurance value, and market value.
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Name the four phases of the life cycle of real estate.
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Integration, equilibrium, disintegration, and rejuvenation.
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Define integration.
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The begining stage of the four phases of real estate's life cycle. It is the initial stage when the neighborhood is being developed.
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Define equilibrium in relation to real estate's life cycle.
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The phase when the neighborhood is changing very little, a period of stability.
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Define disintegration in relation to real estate's life cycle.
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The phase after equilibrium when the economic usefulness of the properties in the neighborhood is almost over.
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Define rejuvenation in relation to real estate's life cycle.
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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.
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Name and define the three types of depreciation.
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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... |
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Name the four phases of the life cycle of real estate.
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Integration, equilibrium, disintegration, and rejuvenation.
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Define integration.
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The begining stage of the four phases of real estate's life cycle. It is the initial stage when the neighborhood is being developed.
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Define equilibrium in relation to real estate's life cycle.
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The phase when the neighborhood is changing very little, a period of stability.
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Define disintegration in relation to real estate's life cycle.
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The phase after equilibrium when the economic usefulness of the properties in the neighborhood is almost over.
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Define rejuvenation in relation to real estate's life cycle.
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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.
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Name and define the three types of depreciation.
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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... |
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What is an arm's length transaction?
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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.
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Give example's of transactions that are not arm's length.
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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.)
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The process of evaluating the adjusted prices of the comparables to arrive at an estimate of the subject property's market value is called _____________.
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Reconciliation.
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What is submitted to a lender if an appraiser appraises a home significantly below the price agreed upon between the seller and buyer?
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Request for reconsideration of value.
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Name five things you should bring with you to a listing appointment.
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1) Competitive market analysis.
2) Listing agreement. 3) Marketing plan. 4) Agent/Brokerage information. 5) Net proceeds to seller. |