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9 Cards in this Set
- Front
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Requirements of this license include successfully completing 100 classroom hours of Board-approved courses covering topics required by FREAB in subjects related to real estate appraisal. |
Registered Trainee Appraiser |
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Requirements for this license include Successfully completing 200 classroom hours of board-approved courses covering the topics required by the FREAB in subjects related to real estate appraisal. This must include 15 hours of the Uniform Standards of Professional Appraisal Practice. CRA’s must also have an associate’s college degree. |
Certified Residential Appraiser |
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Requirements for this license include successfully completing 300 classroom hours of board-approved courses covering the topics required by the FREAB in subjects related to real estate appraisal. This must include 15 hours of the Uniform Standards of Professional Appraisal Practice. Provide proof of satisfactory completion of either a 4 year bachelor’s degree or higher, OR a total of 30 semester hours in specific courses |
Certified General Appraiser |
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Appraisers must provide |
certified reports of value which comply with current USPAP requirements. Reports must be retained for 5 years after the appraisal and up to 2 years after a court appearance (whichever is longer). |
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a property valuation provided to a lending institution for distressed properties on the market. These opinions became valuable in determining short sale approval prices and, in some cases, foreclosure sale prices during the housing crisis from 2008-2012
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Broker’s Price Opinion
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goal of the appraiser is to determine? |
M.I.S.T the market value, insurance value, salvage value, and/or the tax value of a property. |
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What are the characteristics of value? |
D.U.S.T.S -Demand -Utility -Scarcity -Transferability -Situs |
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What are the 4 steps of the COST approach? |
1. Estimate the value of the land alone as if vacant.
2. Determine either the replacement or reproduction cost of the building. 3. Deduct all accrued depreciation from the replacement cost. 4. Add the estimated land value to the depreciated replacement or reproduction |
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Which principle is the market data approach based on? |
Substitution. |
