Chapter 14
Appraising Property
IN THIS CHAPTER
Knowing what appraisals are and why you need them
Recognizing the basic principles that affect real estate value
Comprehending the different kinds of value
Checking out factors that affect value
Using three different methods to estimate a property’s value
An important part of every real estate sale, or for that matter almost every real estate transaction, involves the value of the property. For example, you may need to know the value of a house you inherited for estate tax purposes. Real estate agents (brokers and salespersons) are expected to know something about why one piece of property is more valuable than another. Agents also are expected to know about the methods appraisers use to estimate property values.
This chapter helps you pass the exam by giving you information about market factors that create value. It also discusses different types of value and describes the principal methodologies that appraisers use in their work.
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